SCOREBOARD: Risk recoil

Wall Street turned down sharply overnight, but the weaker US dollar failed to stir commodity prices.

Risk off last night and falls across equities and commodities were quite solid. As best I can tell, it’s not so much the case that there was any really disastrous news out last night. Indeed if anything it was the opposite with US wholesale sales up 0.5 per cent and inventories up 0.2 per cent. Now this isn’t a tier one indicator and I’m not suggesting for one minute that it should be market moving - but is does add to the generally positive tone coming of the US at the moment. This data is showing solid sales growth and the fact that inventories are rising in tandem tells us that wholesalers are feeling positive about the outlook. Add to that a small business survey showing business feeling more optimistic. It seems to me that we’re just seeing a bit of heat coming out of the market after a strong rally into the end of last week. Oh and central banks are causing all sorts of havoc of course.

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