US Pre Market Open: Risk off mood prevails as market hunts for something to cheer

Market News & Blog /
02 Oct 2018

There’s a definite risk-off sentiment emerging right now, with traders seemingly struggling to find much upside. China may be celebrating the National Day holiday this week, but that hasn’t stopped the publication of private factory PMI data from Caixin being printed. This shows smaller businesses starting to feel the fall-out of the trans-Pacific trade war and could strengthen Beijing’s resolve in the weeks ahead. Europe is dogged by concerns the Italian government will do little to stabilise the common currency and although the tone of dialogue over Brexit appears to be improving, there’s still doubt that agreement can be reached – or that Theresa May can survive a leadership challenge.

With this as a backdrop, the fact we continue to see positive economic signals emerging from the US – which in turn translates into the prospect of even higher interest rates at the Federal Reserve – it’s perhaps no surprise that markets are looking nervously at what lies ahead. There’s not much on the US economic calendar today, but we do seem to be at least seeing a pause for breath. A correction is inevitable – it’s just a question of how long we have to wait.  

Ahead of the open we’re calling the DOW down 96 at 26555 and the S&P down 12 at 2913.

The information provided here has been produced by third parties and does not reflect the opinion of AxiTrader. AxiTrader has reproduced the information without alteration or verification and does not represent that this material is accurate, current, or complete and it should not be relied upon as such. The Information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

 

More on this topic

See More News

Open your account. Apply in minutes.

Start your trading journey with a trusted, regulated, multi-award winning broker.

Open Account Try a Free Demo