Wednesday, 1 February 2017

Markets decline, could fall further in weeks ahead

Markets fell on Tuesday.

The S&P 500 slipped 0.1 percent, the STOXX Europe 600 fell 0.7 percent and the Nikkei 225 plunged 1.7 percent.

Chris Weston, chief market strategist at IG Group, sees a “buyers’ strike” in the market. “People are just waiting to see what happens under the Trump administration to see how the landscape lies over the next couple of weeks,” he said.

Peter Cardillo, chief market economist at First Standard Financial, in emailed notes, “believes the indexes are likely to consolidate in a defensive trading range without much direction”.

Indeed, MKM Partners chief market technician Jonathan Krinsky told CNBC that he expects to see the S&P slip 3 to 6 percent in the weeks ahead while Eddy Elfenbein of the Crossing Wall Street blog thinks that the market could fall 5 to 7 percent.

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