Sentiment skewed risk-off but remains messy overall - FJElite

31 Oct 2024 09:05
  • Equities are lower across the board this morning with the Nikkei the weakest (as a result of JPY strength), while Chinese, US and EMEA futures are all trading in the red as well. On the US side it's been driven by tech earnings that haven't quite been enough to keep markets happy as well as stress in the semi-conductor space. The VIX pushed up as well but shouldn't be a surprise given the proximity of the election.
  • Commodities are also trading lower across the board with platinum the weakest of the bunch but downside seen across precious metals, base metals and energy
  • The bond market remains calm for the most part, with the biggest mover being yesterday's pop higher in Gilt yields following the Autumn budget
  • In FX the JPY is surprisingly strong after today's BoJ decision and presser failed to deliver any meaningful surprises for markets. The CAD and USD are the weakest and closely followed by the EUR.