There is only one thing that markets, and people alike, all over the world will be focusing on for the next 24 hours and that is the US Presidential election. With the race to the finish line said to be the closest in decades we are unlikely to have any indication of a favourite until the early hours of tomorrow morning. Whist, regardless of who wins, there is unlikely to be a substantial impact upon markets in the short term, trading is expected to be slightly subdued until post-election.
This side of the Atlantic we have seen a number of economic data releases this morning which under normal circumstances probably would have been subject to more extensive reporting. Markit Sevices PMI figures were consistently below expectations across Europe and the UK recorded poor results in both Industrial Production and Manufacturing Production, -2.6% and -1% respectively.
All of this has led to the markets trading pretty much flat so far today as everyone waits with bated breath until tomorrow morning when uncertainty will be reduced and we will have either another four years of Barack Obama or a new leader of the United States.