Stocks and Oil in retreat again
|Fresh selling has engulfed markets, with the risk-off move becoming even more firmly entrenched thanks to lack of debt ceiling progress, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
Nasdaq an island of gains in a sea of red
“Nvidia’s impressive bounce has meant that the Nasdaq is the sole area of strength in stocks this afternoon. Even this may not last if the day passes without any positive debt ceiling headlines. A long weekend ahead means that US, UK and European markets may see further de-risking by anxious investors. By the sound of the comments coming out of Washington it is still too early to hope for a deal this side of the weekend.”
Oil prices go into reverse
“After such high hopes of more upside yesterday, oil prices have slumped today after Russia poured cold water on hopes of a new production cut. Faced with declining demand forecasts oil bulls have capitulated again, perhaps paving the way for a move back to the May lows.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.