Den herskende tvivl om den økonomiske genopretning trykker de asiatiske aktiemarkeder og kan ramme de europæiske markeder, mens olie-futures peger på stigende energipriser.
Uddrag fra Fidelity/Dow Jones:
Doubts Over Economic Bounce to Hold Back Shares Again
Doubts over the pace of the global economic rebound will continue to weigh on European stocks. In Asia, most major benchmarks were lower, along with the dollar, Treasury yields and gold, while oil futures extended their rally.
Equities:
European shares may struggle higher in another cautious opening session on Thursday, despite a strong finish on Wall Street, as investors try to gauge the strength of the economic recovery.
U.S. stock indexes finished on higher ground, helped by surging energy stocks and positive economic data, even as investors remain fixated on next week’s Federal Reserve meeting.
Stocks closed near session highs, despite expectations that a choppy market likely will be the new normal until next week’s FOMC policy meeting.
“It’s very hard [for the market to rise] in advance of the FOMC meeting, ” Kristina Hooper, chief global market strategist at Invesco, said in a Wednesday phone interview. “These are stomach churning days and we think it’s going to be very hard to gain any type of substantial positive momentum,” Hooper said.
Asian stock markets dipped as some disappointing Japanese export data and worries over China’s slowing growth dimmed sentiment.
Forex:
The dollar drifted in Asian trading after the currency had lost ground on Wednesday.
DBS said the currency market has been seesawing, with the mood caught between stock-market bears looking for a correction in September-October and bond-market bears who see the Fed tapering asset purchases before year-end. This deadlock is expected to continue into next week’s FOMC meeting, DBS added.
GBP/USD softened slightly in Asia after its recent gains, as investors continue to weigh the prospect of interest rates rising in the U.K.
Nomura said the Bank of England could delay tightening monetary policy as long as inflation expectations remain contained.
George Buckley, Chief UK & Euro Area Economist sees risks to the BOE’s view that it may raise interest rates for the first time in February 2023; the risk of another wave of the virus and associated restrictions could still mean the near 40 basis points of tightening assumed by the market over the next year is too aggressive.
