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Gold prices rebound, Oil extends declines
Gold prices rebounded to hover above $2,500, driven by a weaker dollar and lower yields.
BofA Securities clients saw $8 billion in equity outflows in late August, marking the largest sell-off since 2020.
U.S. job openings hit 2021 lows, increasing the likelihood of a 50 basis point Fed rate cut.
Oil prices declined, with WTI near $69 and Brent around $72, despite OPEC+ considering production delays.
Bank of America Stats
According to a note from BofA Securities on Wednesday, their clients were net sellers of U.S. equities in the last week of August, with outflows totaling $8 billion. Marking the largest weekly sell-off since late 2020, reflecting growing economic uncertainty. It was the second week in a row of net selling, with investors unloading both single stocks and ETFs, impacting large-, mid-, and small-cap stocks.
Rate cuts
Meanwhile, in data the US Jolts job openings dropped to 2021 lows, raising the chances of 50 basis point rate cut on the back of a sharper weakening in the labor market.
The Dollar weakened overnight following the US JOLTS data, touching lows of 101.24.
In Commodities
Oil prices extended their recent declines despite new reports that indicate that the 8 members of OPEC+ that are expected to raise production starting October and considering a delay.
WTI was last seen hovering near $69 and Brent near $72.
Gold prices rebounded, supported by a weaker dollar and declining yields to hover above its 2-week low near $2,500.
