Daily Morning Call
From the Floor: Oil tumbles, risk-off spreads across markets — #SaxoStrats
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A further slide in oil prices has driven risk-off sentiment across equity, currency and fixed-income markets. The selloff in oil and other commodities has hit Australian mining and energy shares hard, and the widespread risk-aversion puts the focus on currency pairs such as EURJPY.
Beleaguered oil prices slid further overnight, with Brent crude dropping below $46/barrel, and the selloff in oil and other commodities is spreading risk aversion across equity, currency and fixed-income markets.
“The oil price is also the dominating theme in fixed-income markets,” says Saxo Bank's fixed-income trader Michael Boye.