“There is no appetite for risk this Friday morning, as stocks across Europe drop as much as three per cent, led by the FTSE MIB,” BMO economists Jennifer Lee and Shelly Kaushik said in their morning note. “Asia was not spared, as the region broadly sold off, with the Hang Seng down over one per cent, while the CSI 300 kept its losses to 0.3 per cent.”Article content
Bank of America Corp. strategists are pointing to a “cash is king” attitude among investors who are showing the most pessimistic attitude towards the markets since the 2008 global financial crisis. Cash inflows hit US$30.3 billion as global equity funds outflows went to US$7.8 billion, bonds lost US$6.9 billion, and gold investment dropped US$400 million during the week of Sept. 21, according to the bank.Friday, with sales falling 2.
“That said, the trend is clear, consumers are pulling back on spending,” Mendes said. “The slowdown in consumption is exactly in line with what the Bank of Canada is trying to engineer with its rate increases.” The Bank of Canada has been aiming to bring high demand back into balance with constrained supply by undertaking an aggressive rate hiking cycle this year, that has so far raised the policy rate
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