Friday, 21 July 2017

Markets mixed as markets shrug aside Draghi's dovish message

Markets were mixed on Thursday.

While Asian stocks rose following the advances overnight in the US and Europe, the S&P 500 was flat and the STOXX Europe 600 fell 0.4 percent.

European stocks fell despite ECB President Mario Draghi saying at a Thursday press conference that a “very substantial degree of monetary accommodation is still needed”.

“Draghi’s trying to send as dovish a message as possible,” said Oanda’s senior market analyst Craig Erlam. “Markets aren’t buying it anymore.”

Nevertheless, Jeffrey Saut, chief investment strategist at Raymond James, remains sanguine. He wrote in a note that “any downside pressure should continue to be muted while the conditions by the end of next week favor the upside”.

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