US and global markets calm – ANZ
|With the Chief Headline Generator out of the country and sticking to the script, US and global markets didn’t have much to react to overnight suggests the research team of ANZ.
Key Quotes
“Volatility measures fell back to catatonic levels and US equities are back flirting with the record highs they’ve been courting since the beginning of March. Oil has bounced impressively and all is well with the world. Yet the Fed’s hikes (and expectations for more) are starting to add up in an extremely highly leveraged world, and China’s authorities continue to walk a tightrope attempting to dampen credit growth without extinguishing economic growth. Brexit talks are getting acrimonious (as most divorce talks tend to be), and although most indicators for the US economy are looking solid, retail and the auto sector are flashing red. It would be brave to assume that low volatility will continue indefinitely.”
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