Q4 begins with risk-off moves
|The successful passage of a funding deal for Washington has done little to boost risk appetite, as the first trading day of Q4 picks up where Q3 finished, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Stocks in the red as Q4 gets underway
“Squabbling politicians in the US might have managed to patch up the US government’s funding position for now, but the knowledge that we will have to repeat the drama in about six weeks means that there is little positive sentiment to be found in stock markets right now. The traditionally-strong Q4 hasn’t got off to a flying start, though at least tech stocks have put their best foot forward.”
Dollar back at recent highs
“The buying of the US dollar has resumed today, following a better-than-expected ISM manufacturing figure. Good US data means the rationale to back the greenback becomes stronger than ever. With yields on the up again too gold and silver are firmly out of favour, and more and more of the first-half’s gains have now evaporated. In a world where income is suddenly easy to come by, there seems to be little reason to hold on to precious metals.”
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