Market Update
U.S. equity markets advanced through cautious trading in anticipation of US midterm election results, the Dow Jones lifted 0.7% to 25,635 whilst the S&P 500 added 0.6% to 2,755; The US midterm elections are underway with polls showing the Democrats are favoured in taking the House whilst the Republicans are in better shape to keep the Senate, according to Bloomberg; Oil fell to a 7month low as the IEA calls on OPEC to pump more crude and Iraq plans to boost its output and export capacity in 2019, according to Reuters; The RBA board met yesterday with its final decision to maintain its neutral stance leaving the official cash rate at 1.5%; The FOMC meets on Thursday with expectations for rates to be left on hold.
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