Global markets continued to sell-off on Friday, with the US market sliding for the 9th consecutive day as investors remain cautious before the US election. Traders have moved into relatively safer assets as opinion polls showed the U.S. presidential race is tightening after Hillary Clinton seemed poised for victory. While history has shown American stocks have generally risen in the days before a presidential election, anxiety about the outcome of the November 8th vote has weighed on the market this time. Given what happened with the surprise UK “Brexit” vote earlier this year, we believe markets are far more cautious in terms of making assumptions around who will win the US election.
We had highlighted the risk of the markets correcting heading into the US election, particularly given the levels share markets were trading at. Closer to home the ASX & NZX have not been immune to global moves with the NZX now down significantly from its all-time high reached in Septembe...
Stock Markets, Simplified.