October 31, 2020

Market and Financial News Aggregator

The tech rout that’s dragging markets down is not over

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The U.S. and China relationship is also back in focus after President Donald Trump said he plans to end America’s reliance on the country. Trump also threatened to punish any American companies that create jobs overseas, and to forbid those that do business in China from winning federal contracts.

“The path of least resistance for the market may well be to test the downside,” said Peter Chatwell, head of multi-asset strategy at Mizuho International Plc. “Ultimately, if there is more selloff, I suspect real money investors will take the opportunity to buy the dip.”

In the U.K., the pound weakened and stocks slumped after Prime Minister Boris Johnson vowed he “won’t back down” over sticking points in Brexit trade talks with the EU.

Elsewhere in markets, the Turkish lira weakened to an all-time low against the dollar for a fourth session amid concern that monetary policy remains too loose to backstop the currency.

Equities rose in Asia, with shares in Australia and South Korea leading the advance.

These are the main moves in markets:

Stocks

The S&P 500 Index fell 2 per cent as of 9:31 a.m. New York time.
The Nasdaq 100 lost 3.5 per cent and the Dow Jones Industrial Average fell 1. per cent.
The Stoxx Europe 600 Index dipped 1.8 per cent.
The MSCI Asia Pacific Index climbed 0.4 per cent.
The MSCI Emerging Market Index declined 0.2 per cent.

Commodities

West Texas Intermediate crude decreased 6 per cent to $37.13 a barrel.
Brent crude decreased 5.2 per cent to $40.15 a barrel.
Gold weakened 1.1 per cent to $1,912.50 an ounce.

Bloomberg.com

Bloomberg News


2020-09-08 09:52:42


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