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In a market wrap, analysts at  ANZ Bank New Zealand Limited explained that global equity markets remained under heavy downward pressure despite the Columbus Day holiday in the US.  

Key Quotes:

“The EU Commission noted significant deviation of Italy’s budget plans from EU targets, weighing on stocks and the euro. Italian BTPs yields were sharply higher; the 2-year yield rose 20bps and the 10-year yield rose 14bps.”

“However, uncertainty in markets is broad-based at the moment, with increased volatility being driven by a number of factors, rather than simply being focused on Italy.”

“The DAX was off 1.4%, the CAC 40 fell 1.1% and the FTSE 100 was off 1.2%. At the time of writing, the S&P 500 was down 0.6%. The US bond market was closed. WTI fell 0.6% and gold fell 1.4%.”