Spreadex Market Update
The sell-off doesn’t show any signs of a retreat
The dramatic global sell off looked set to reverse during yesterday’s trading session however this was merely a quick pause to catch its breath before continuing with its sharp declines. Towards the second half of the trading session in the US, the sell off on Wall Street resumed which saw over 250 pts wiped off the Index however the biggest falls were seen on the NASDAQ which had its largest intraday fall since 2011. The fierce sell off spread into the Asia overnight with Japanese stocks falling to six-month lows as technology stocks fell. The Nikkei 225 dropped to lows of sub 13,900 before regaining some of the losses towards the end of the session.
The sell-off doesn’t show any signs of a retreat as of yet with the FTSE 100 set to open down 46 points this morning. Looking towards the day ahead, we have some high impact data released from the US in the form of PPI and Prelim UoM Consumer Sentiment with consensus forecasted at 0.1% and 81.2 respectively.
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