Signs of Anxiety Emerging in Financial Markets
A bit of unease is beginning to surface in financial markets. The lack of macroeconomic data on the performance of the U.S. economy seems to be making itself felt. Added to this are the “volatile” enthusiasm surrounding the technology sector (yesterday’s disappointment came from Oracle’s data) and the political developments in France and Japan. The growing uncertainty is pushing investors toward gold and putting bond market gains on hold. Equities are also slowing their pace somewhat.
Our intermarket dashboards indicate a slightly more cautious mood in the financial markets. On one hand, gold continues to show strength, with indicators versus the Dow and the Dollar reaching new highs. On the other hand, risk indicators show a slight decline in “risk-on” momentum. The S&P500/VIX ratio has fallen below its yearly average, while the S&P500/Nasdaq ratio has rebounded for the second time in a few weeks from its annual low.
The trends among the major asset classes appear confirmed: equities remain above their one-year average, bonds are moving sideways in the short term, and commodities are in a long-term sideways trend.
On the macro front, the day will feature a key data release for the German economy — industrial production — as well as the publication of the minutes from the latest Fed meeting.
Our forward-looking analyses still point to an overall positive outlook for equities, although with some uncertainty in U.S. and Asian markets. In commodities, gold’s strength continues, though it remains in overbought territory. In currencies, the analyses suggest an improving situation for the Dollar Index. Finally, volatility is seen as slightly increasing.
Already a subscriber? Login here
NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 8 October 2025 - 7:25 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.
