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Market Overview
Stocks Decline on Monday as Sentiment Worsens
Stocks dropped on Monday and the EU indices were 0.5 – 0.7%
lower, excluding the FTSE 100 index, which was still 0.25% higher, mainly due
to the optimism about the Brexit deal. The US indices opened 0.5% lower and
continued to decline during the US session.
The worst sector was semiconductors as NVIDIA cratered
another 8% after weak results and lowered guidance and the stock is now down 50%
from its October highs. The technology Nasdaq index lost nearly 2% on Monday.
There were no major macro updates today, but the FX market
was not calm at all. The commodity currencies dropped against the US dollar,
but this looks like a small correction of previous gains, while the Euro, Pound
and Yen were trading stronger against the greenback.
US yields were also seen higher, but well off the daily lows
reached during the London session.
Commodities slumped, with oil losing another 3% to trade
near the 55 USD for the WTI benchmark, while gold, silver and copper were seen
marginally lower on the day.
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