We think that if the shutdown happens, it will impact market data releases, leading to market uncertainty. However, the economy is expected to grow moderately. Regarding equities, we continue to favor U.S. stocks with some diversification into Europe. When it comes to metals, gold has been rallying strongly, with this rally having been building for a long time already and adding to the uncertainties from the potential shutdown.

Gold is up nearly one percent so far this morning, headed for its best month in 14 years, up 12% for September alone, and nearly 50% on the year. This rally has been long in the making and is driven by investors seeking safety amid political uncertainty such as the potential U.S. government shutdown.