The Straits Times Index drifted lower, losing around 25 points week-on-week to end at 2,472. Its movement was a lot more benign than the volatility that has befallen the US markets. The CBOE Volatility Index (VIX), currently at 29.5 has been creeping higher from a trough of 25.5 on Sept 15. That maybe the new normal for the VIX as overvalued tech stocks face reality.

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