Monday's Markets Update (August 28, 2023)

29 Aug 2023 by rate3

On Monday The Fed Dallas Manufacturing Index improved, but it remained in negative territory. The Nasdaq closed a bit higher on technicals, as traders largely remained undecided ahead of a batch of economic data. In other news, Binance is considering withdrawing from Russia.

Manufacturing activity in Texas improved slightly in August, but still pointed to challenging conditions. Production, new orders, shipments, capacity utilization, and capital expenditures all declined. Labor market measures suggested slower growth in employment and shorter workweeks. Price pressures remained subdued, while wage growth accelerated. Expectations for future manufacturing activity were mixed.

Crypto

Binance is considering withdrawing from Russia due to legal risks. The exchange has already removed five sanctioned Russian lenders from its peer-to-peer service.