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.”
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