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Q4 off to a bad start as stocks tumble on slowdown fears

It’s a sea of red for global equities and US bond yields today, as markets continue to react to fears of a trade-war induced slowdown, evidenced by the downturn in the US manufacturing ISM discussed yesterday on The Morning Call. NAB’s Gavin Friend tells Phil Dobbie how all eyes will be on the non0manufacturing ISM numbers today, to see if the downturn is spreading into the services sector. Toa dd to the downbeat news, the WTO has ruled that the US can impose tariffs on $7.5b worth of EYU imports in retaliation for state subsidies for Airbus. Could this spark a further escalation of trade uncertainty? And Boris Johnson has presented his Brexit proposal to the EU – will they accept it? The pound is poised to react, one way or the other.

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