A look at Tuesday morning’s market action
Global markets drifted ahead of inflation data tomorrow that could influence the size of an expected Federal Reserve interest rate cut next week, while concerns about a faltering Chinese economy dampened the market mood.
“Market’s attention will shift to politics as Donald Trump and Kamala Harris will face off in a debate today.” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note. “... a Trump win would benefit Big Oil companies, small domestic businesses and cryptocurrencies ... a Harris win would support the ESG and green focused companies, health care, infrastructure and technology.”
Oil prices edged lower as weak Chinese demand offset U.S. supply disruptions from tropical storm Francine and as global oil oversupply risks continued to weigh on the market. “Chinese trade data has not helped the oil market, it has only reinforced the demand concerns that have been lingering in the market for a while now,” said Warren Patterson, Singapore-based head of commodities strategy at ING.
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