It has been a turbulent week in markets, with a tech sell-off sparked by deepening Sino-U.S. trade tensions, uncertainty over U.S. President Joe Biden’s fate in the presidential race, disappointing Chinese economic data and a lacklustre third plenum outcome casting a shadow over the global mood.
This put the Third Plenum of the Chinese communist party squarely in focus. While top Chinese officials did promise more measures to support growth, they did not provide any specific details on the measures.
Oil prices fell in Asian trade on Friday, and were headed for a weekly loss amid persistent concerns over slowing demand in top importer China, while sentiment was also dented by concerns over trade ructions with the U.S.
The world’s biggest cryptocurrency clocked a strong rebound this week on bets that a Donald Trump presidency will yield a better regulatory environment for crypto, given that Trump has touted friendlier crypto regulation as part of his reelection campaign.
European shares fell on Friday and were set for weekly losses, hurt by lower commodity prices and as a rout in global technology shares extended, while investors assessed more earnings updates.
