European and Asian shares slipped on Wednesday on uncertainty surrounding a closely contested U.S. election, while gold hit an all-time high and the dollar hovered near a three-month high.
Gold rose to an all-time high of $2,784.82 an ounce, while the dollar bobbed near a three-month high against a basket of currencies. “The only question investors have in mind is how are the U.S. elections going to impact or challenge this kind of current state of affairs.” Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell to a one-month trough and were last down 0.7%, tracking a decline in Chinese assets.
“China’s latest stimulus package appears underwhelming, with 60% allocated to local government debt relief,” said Saxo’s chief investment strategist Charu Chanana. The ADP National Employment Report is due later in the day alongside advance third quarter GDP estimates, which will come ahead of Friday’s non-farm payrolls figures.“The U.S. data is still important for this week, there’s no doubt about it,” said Khoon Goh, head of Asia research at ANZ.
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