Stock markets around the world have been trading up and down (swinging down into the red more recently) within sideways ranges overnight with no major news to enable larger moves. Today we could see some interest in US markets on the GDP update but would probably only see a big move on a big surprise.
The pendulum of central bank policy continues to swing back toward neutrality from the extreme dovishness that dominated earlier this year. The Fed’s decision to raise interest rates for the first time in nine years has been followed by others including central bank in Hong Kong and Mexico just after the Fed last week and Turkey this morning.
Crude oil, both Brent and WTI appears to have stabilized near the 2008 lows with traders apparently unwilling to push things lower in light trading.
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