QCP said global markets opened under pressure on Monday, Sept. 28, with investors cutting risk exposure across asset classes. In its market readout, the firm said Nasdaq 100 futures fell from 744.45 to 737.76 before the open, gold dropped from $4,260 to $4,147, and Bitcoin slid from $84,500 to $82,800. The U.S. dollar index also moved lower. QCP said the move looked like broad deleveraging rather than a classic flight-to-safety rotation.
The firm also pointed to a geopolitical trigger. According to QCP, the United States rejected a ceasefire-condition proposal related to the Strait of Hormuz over the weekend, reviving concerns about possible energy supply disruptions and lifting Brent crude. Looking ahead, QCP said markets are watching this week’s Personal Consumption Expenditures price index and the U.S. nonfarm payrolls report for clues on expectations around further monetary policy adjustments.
QCP said global markets opened under pressure on Monday, Sept. 28, as investors reduced risk exposure across multiple asset classes.
According to QCP, Nasdaq 100 futures fell from 744.45 to 737.76 before the open, gold dropped from $4,260 to $4,147, Bitcoin declined from $84,500 to $82,800, and the U.S. dollar index also moved lower.
QCP says the move reflects broad deleveraging
QCP said the price action pointed to broad deleveraging rather than a defensive safe-haven rotation.
Hormuz concerns and U.S. data in focus
QCP added that the United States rejected a ceasefire-condition proposal related to the Strait of Hormuz over the weekend, reviving concerns about energy supply disruptions. Brent crude rose on that development.
Markets are also watching this week’s Personal Consumption Expenditures price index and the nonfarm payrolls report for signals on expectations for further monetary policy adjustments.
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