Written Commentary
FINANCIALS OUTLOOK
While treasury prices have not added to yesterday’s higher high move, fundamental issues leave the bull with solid control. Obviously, very significant liquidation in global equity markets is adding to pre-existing deteriorating of economic sentiment. In fact, the markets have been presented with a series of very disappointing consumer sentiment readings from around the world this week and that trend is likely to extend into next week’s widely anticipated US interest rate hike. Another supportive development from yesterday came in the form of a very strong US 2-year note auction.
Global equity markets overnight were generally higher with gains in China the most significant, with the CSI 300 gaining nearly 3%! In addition to a significant fall from favor in big tech, other tech sector stocks are being dumped and it appears that money is not rotating into other sectors of the equity market.
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