Market Comment | Safe-haven assets shine as uncertainty lingers.

Summary

Markets remained cautious with the U.S.-China trade conflict showing no signs of abating, spurring fears over global growth and currency volatility. Trump downplayed expectations of holding a trade meeting with China in September. In this context, safe-haven assets remained in demand.

Key points

• Key points:
• Downward pressure on government bond yields persists.
• Safe-haven currencies continued appreciating while the ARS fell sharply after President Macri’s resounding defeat in the primary polls.
• Implied volatility of S&P500 rallied while stock markets inched down.

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