Markets were mixed on Thursday.
The STOXX Europe 600 fell 0.7 percent but the Nikkei 225 rose 0.6 percent. The US stock market was closed for a holiday.
Daniel Gradwell from ANZ Research noted that "sentiment remains fragile".
"There seems a greater appreciation that with the impact of US fiscal stimulus waning, the US economy could slow like other major economies have," he wrote in a note. "That leaves the market less forgiving of poor news."
Indeed, some analysts suggested that the US stock market's failure to sustain its rally through Wednesday could signal another wave of selling.
"I think it's a fake out, rather than a break out," said Samuel Stovall, chief investment strategist at CFRA.
Meanwhile, Naeem Aslam writing at Forbes said that in Europe, there are some serious issues that suggest that the stock market downtrend "may continue its downtrend till the end of the year and this can spill into Q1 of next year".
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