Wednesday 4th September 2024

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There have been some sharp defensive market moves overnight. In currency markets safe havens have done well, whilst shares are well down, the VIX index has risen and bonds have rallied. Phil asks NAB’s Gavin Friend why all this nervousness all of a sudden? The only significant data release has been the US Manufacturing ISM which admittedly, did include rising prices and falls in new orders. Was that what spooked the markets, or is it more a fear of what’s to come, with payrolls at the end of the week? Before that, JOLTs and the Bank of Canada tonight.

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