The crises in the Tech Sector (more exactly Chips), continued to a second day and extended to Asia and Europe. The wipeout in share prices also spread to the Crypto markets, with Bitcoin and others falling to 2024 lows. The Chips markets has been beset with revolving circular investment schemes and derivatives packaging processes, which has questioned massive over-valuations. Equity markets tumbled into the close despite a better-than-expected Non-Farm Payroll number. The flight to the US Dollar safety was also a feature of market panic, with the EUR crashing back towards 1.1500, while the GBP tumbled back to 1.3330.The flight to the reserve hit commodity currencies hard, with the NZD dipping below 0.5800 and the AUD plummeted towards 0.7000. Disruptions in the ‘tech sector’, quickly spread to the wider markets and looks set to continue. A big week ahead, with the European Council meeting and the ECB set to raise interest rates, to combat the rising threat of inflation.
