The data cliff fear - Our Weekly Cross-Asset Views

After celebrating the end of the longest US shutdown of history early this week, markets have turned risk off the end of the week with US leading the reversal move. WTD, US equity indices consolidate, with techs and small caps down, European  equities outperform (SX5E reached a new all-time highs after 3 daily gains of 1%+), credit spreads are stable, gold surges again and US dollar is down 0.5% across the board.   No specific trigger to this risk-off move, but the view that we are now in a truly confusing spot: US data should start to flow in as both the Fed dilemma (weaker job market vs high...

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