Market Update
The selloff of US Equities accelerated overnight, wiping out gains for the year in both the S&P 500 Index and the Dow, as mixed corporate earnings and weak housing data see investors concerned over rising prices and its implications on economic growth; The S&P extended its October rout to 8.8%, making it the worst month since February 2009; Oil rebounded from a two-month low as refiners started to wind down seasonal repairs, a signal of an imminent demand hike; Base metals fell, with nickel posting the lowest closing price this year, with the Bloomberg Industrials Metals Subindex, tracking aluminium, copper, nickel and zinc, falling for a second straight day; Despite US GDP growth slowing over the third quarter, figures still remain near their best pace since mid-2015 according to forecasts ahead of Friday’s official release; The Bank of Canada raised rates to 1.75%, the 3rd hike this year and said for the first time in more than a decade that it expects to completely remove monetary stimulus.
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