Markets in risk-off mode? - ANZ
|Analysts at ANZ explained that markets had a risk-off feel overnight with equities, yields, USD and commodities all heading lower.
Key Quotes:
"Volatility continued its push higher too. The USD was on the back foot throughout the day as firmer-than-expected German Q3 GDP data lent early impetus to the euro. Sterling, meanwhile, remained overshadowed by domestic political considerations and a slight downside miss in October inflation, which underpinned expectations of a very gradual and shallow tightening in monetary policy. Fixed income remained supported, with curves continuing to flatten. The fall in oil and other commodity prices (WTI down 2.1% to $55.60/bbl) may have contributed to that better fixed income tone. Equities were also under modest downward pressure with the major US indices down 0.2-0.4% and Euro Stoxx 50 0.5% lower".
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