Month-end flows dominated markets. In the view of economists at Commerzbank, there is a certain underlying volatility that escapes any form of explanation

Choppy markets

“‘Choppy markets’ is probably the term to use for what we are seeing at the moment, or – if you want to disguise your cluelessness in a slicker manner – ‘month-end flows’.”

“Regardless of all the clever talk that we and others produce on a daily basis as a kind of background music to market events, we have to point out that there is a certain underlying volatility that escapes any form of explanation. It cannot be any different in an efficient market that always has to remain difficult.”