Market Update
Global equities surged overnight as the markets moved past the hurdle of uncertainty surrounding the US mid-term elections. Investors can now look towards other economic news flow with the Fed’s decision on interest rates coming out tomorrow and a potential for a resolution to the US-China trade war at the end of the month; Last night marked the fourth best gain this year for the Dow, up 2.1%. The S&P and Nasdaq rose 2.1% and 2.6% respectively; Oil continued its downward trend, with WTI down nearly 1%, which is the eighth-daily loss in a row. Oil has now dropped $15/bbl since its four year high over a month ago; The expectations that the Democrats hold on the House will curtail Trump`s ability to shoot from the hip will be tested early as Attorney general Jeff Sessions was forced to resign, replaced by a Trump loyalist, in turn throwing into question the Russia investigation led by Robert Mueller;The fall in the US dollar and the DXY hitting its lowest for two weeks (96.18) will help support commodity prices. The VIX fell sharply -20% @ 16.36. Gold rose for the first time in 4 sessions.
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