Asian shares and US Futures rose overnight while European markets also opened in the green, with benchmarks boosted by the tech and healthcare sectors. Investors remain uncertain about the future of the US presidency and more broadly about the future of the US economy as a divided Congress and Senate would prevent any of the two candidates to proceed with what they promised in terms of reforms and further stimulus aid. Investors are struggling to cope with the current unpredictability and now tend to diversify their exposure by betting on defensive stock sectors as well as Treasuries and even crypto markets.
Technically speaking, most benchmarks confirm their short-term sharp rebound inside their mid-term bearish trend, trading close to the upper band of their bearish channel where they now face strong resistance. Market operators will cautiously follow reporting on the US election vote as well as the FOMC meeting due later today, where Jerome Powell may give more clues on monetary policy.
