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Liquidity has come off into the end of the week, with China out on holiday, and what we’ve seen in markets in the latter portion of the week, has mostly been about consolidation, with no clear indication of the next big move. read report
There have been three stories weighing on sentiment into Thursday. Those stories are coronavirus outlook worry, US-China trade tension, and the latest IMF downgrade the global growth outlook. We also propose another possible source of the risk off flow. read report
The market is still trying to figure out whether a resurgence in coronavirus cases is something it needs to be worrying about. Overall, it seems as though investors are taking the news in stride, given that there appears to be no systemic risk associated with the uptick. read report
The big story into Tuesday is around the intraday whipsaw volatility caused by US trading advisor Peter Navarro, who caused stocks to plummet on comments the US-China trade deal was off, before this was quickly denied. read report
Markets kicked off Monday trade with a round of risk reduction, mostly on the back of ongoing concerns about the coronavirus recovery, but were able to find some demand into the dip, as reported cases out of China were reduced. read report
Financial markets have been locked in a holding pattern in the latter portion of the week, trying to figure out if the next big push will reflect risk on, or risk off. Looking ahead, Friday's economic calendar is relatively light, and the focus will be on bigger picture themes. read report
The market is still trying to figure it all out into Thursday, though the tone has been leaning to the risk off side. It’s unclear what exactly is behind the move, with some attributing it to second wave coronavirus fears, some looking at the more downbeat Fed outlook, and others citing geopolitical tension. read report
We come into Wednesday with markets treading cautiously. Remember, the market had come under pressure in response to last week’s Fed decision and on worry about second wave corona, before finding its footing on the one two punch of Fed corporate bond buying and the US government announcing a USD1 trillion infrastructure spending plan. read report
The Bank of Japan left rates on hold as widely expected, while producing a more dovish tone, and the RBA Minutes were out, also delivering mostly as expected. But all of this has been overshadowed by the latest efforts out of the US to stimulate the economy. read report
There has been an intensification of liquidation in global equities, as the new week gets going. This has been accompanied by more flight to quality demand for the US Dollar, with other safe haven correlated currencies like the Yen and Swiss Franc also outperforming. read report
