Kay Van-Petersen
Australia’s Q3 CPI figures proved positive, says Saxo Capital Markets’ global macro strategy Kay Van-Petersen, but the banks didn’t appear to be buying it.
Squawk / 09 September 2016 at 22:34 GMT
Managing Director / Technical Research Limited
New Zealand
What a difference a day makes !

Two months of slow gains in the US stock market wiped out in one trading session. Not only that: down volume was a heavily lopsided 97%.

Just as unusual was that stocks and bond prices both declined together (see chart below).

The US dollar rallied a touch, as is normal in risk-off days, with the AUD being the biggest loser.

Analysts were unable to come up with a convincing reason to justify today’s selling deluge which continued in the after-market.

Will September end up following the historical pattern shown in the chart below ?


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