LATEST STOCK MARKET NEWS

As US election risk fades, so does risk aversion. However, the risk rally has been weak. High beta, trade sensitive emerging market currencies INR, ZAR, TRY and CLP have seen heavy buying in the past week. Markets are pricing in a South African rate hike in November due to rising inflation, giving ZAR an extra boost. Traders remain cautions of the current rally, doubting the fundamentals. Markets are preaching the goldilocks conditions: President Trump will balance out fiscal and monetary easing. Heading into 2019, event risks are low and global growth slowdown is already priced in. Equity markets should further improve and USD weaken.

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