European markets were largely in the red overnight.
The FTSE fell 66 points (.81%), the DAX fell 67 points (.33%) and the CAC managed a modest gain of 8 points (.12%).
In the UK there was a surge in wage growth for the 3 months ending in October of 5.2%. Markets expected 5% and the growth was larger than the previous quarter which was 4.9%. There are now expectations that the BoE will hold rates until May 2025.
US markets were largely down as well overnight.
The DOW fell 267 points (.61%), the NBI rose 18 points (.41%), the NASDAQ Composite fell 64 points (.32%) and the Russell small cap index fell 27 points (1.18%).
Good to see the NBI picking up some lost ground though it lost a lot of steam in late trading and halved its gain in the last couple of minutes.
The fall in the Russell small cap index would indicate the markets are becoming more risk averse.
US markets are experiencing the largest downturn in 46 years (1978).
US Fed will make its decision on interest rates tomorrow (our time) and is expected to cut interest rates by .25% but the next interest rate cut could be delayed for some time.
US Treasury 10 year bond yield is sitting at 4.403%
Oil price dipped marginally - Brent crude at US$73.28 per barrel.
Gold price sitting at US$2,644 per oz.
BITCOIN continues to appreciate and is now at US$106,479.
Interesting to see some predictions for BITCOIN - though, personally, I think it is in bubble territory.
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