Markets were mostly lower on Monday.
The S&P 500 fell 0.4 percent and the STOXX Europe 600 fell 0.4 percent.
US and European investors largely ignored gains earlier in Asia. The Shanghai Composite soared 4.1 percent while the Nikkei 225 rose 0.4 percent.
In Europe, investors remained focused on Italy after Moody’s Investors Service downgraded Italy’s sovereign debt rating by one notch to Baa3 late on Friday.
In the US, Michael Wilson, an equity strategist at Morgan Stanley, warned in a report that the recent rebound “was a dead cat bounce”. He added: “We don’t think the correction is done yet”.
In contrast, JC O’Hara, chief market technician at MKM Partners, believes that the bulk of the selling is over. “A close above 2,825 will nullify the bear case,” he said.
However, even the usually-bullish Wharton School finance professor Jeremy Siegel has become less enthusiastic about stocks.
“There are challenges that we face now,” he told CNBC on Monday. “I'm looking flattish” for 2019.
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