In a market wrap, analysts at ANZ Bank New Zealand explained that the equity markets were locked in a sharp sell-off, with concern around how far yields will rise, warnings from the IMF about financial stability risks, and continued trade tensions all driving uncertainty.
Key Quotes:
“Technology and luxury goods stocks led US declines with confirmation that Sears, once an icon of retail, is to file for Chapter 11 bankruptcy protection adding to negative sentiment.”
“At the time of writing, the S&P 500 was down 1.4% and the NASDAQ was down 2.2%. Key European indices closed 1.3%-2.2% lower.”
“Easy financial conditions and the risks they pose have again attracted attention.”
“There was a clear bid for current account surplus countries with both the JPY and EUR finding support.”
“Sterling benefitted from growing expectations that a Brexit deal may emerge next week in time for the October EU Summit.”
“WTI fell 2.3% and gold was unchanged.”
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