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Positive tone. Solid tech sector earnings supported US stocks. Bond yields consolidated. AUD & NZD continue to grind up. AUD near ~6mth average.
Upbeat mood. Sentiment improved overnight. US tech stocks rebounded despite a lift in yields. AUD & NZD ticked up. AUD outperformed on crosses.
Albertans voted to remain part of Canada in yesterday’s referendum, with an overwhelming majority rejecting a move to begin a separation process.
Will annual UK CPI on Wednesday move higher than last month’s 3.1% reading, encouraging the BoE to hike rates on 5 November?
There was again little evidence of energy price spillovers in Canada last month, with underlying inflation pressures holding steady, slightly reducing market-implied odds on a rate hike from the Bank of Canada at its meeting next week.
Markets are pausing for breath after a tumultuous week of inflation shocks coupled with a sharp deterioration in sentiment toward the artificial-intelligence buildout.
Market swings. Rotation out of tech stocks supports the broader S&P500. US bond yields fall. USD softer. NZD edges up, but AUD weakens.
Shares are sliding and the dollar is tumbling against its main counterparts as an unwinding of crowded AI-related trades sends investors fleeing to safe havens.
If there has been one consistent message in our analysis over the past few years, it is that global portfolios have crowded—to an unhealthy degree—into a single bet: the US technology sector, and by extension the US dollar.
