Market comment - Equity markets sell off on tech sector concerns

Davy Research
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Equity markets sold off sharply on Wednesday on concerns around the technology sector. The S&P 500 closed down 3.3% and the Nasdaq 4.1%, with Asian equity markets down overnight and European markets set for further losses at the open. In contrast, sterling gained on further speculation of a Brexit deal ahead of next week’s EU Summit meeting, with UK GDP up 0.7% in the three months to August, beating expectations. The key macroeconomic data point today is US CPI inflation, expected to show a pick-up in core price inflation to 2.3%.