Asian Markets Rocked by Election Uncertainty

The Shenzhen Component Index headed lower by 0.6 per cent to 10,733.57. The Shenzhen Composite fell 0.3 per cent to 2,067.17. The Nasdaq-style ChiNext Price Index lost 0.9 per cent to 2,157.49.

“A case of pre-FOMC (Federal Open Market Committee) and US election jitters gripped cross-asset markets overnight, dampening market enthusiasm and ensnaring trading desks with a severe case of the fidgets, ” said Stephen Innes, a senior trader at Oanda Asia-Pacific, in a note on Wednesday.

“We have been saying all along: the market has been itching to sell risk in the pre-election build up,” he added.

South China Morning Post

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Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes