“What we’re seeing is some consolidation in European markets given that in the past two months, we’re more or less trading sideways as opposed to the U.S. where growth stocks have been lifting the overall market,” said Matthias Bausch, senior cross asset strategist at Commerzbank.
“Liquidity is more important than earnings growth at the moment, and we have record high money supply growth in the U.S. and Europe.” However, markets globally failed to make headway after the Trump administration on Monday expanded its curbs on China’s Huawei Technologies Co [HWT.UL], in a further escalation of tensions between the world’s two largest economies.“The current stimulus stalemate persists, but a deal will get done before the end of next month because that is when federal funding runs out,” noted Edward Moya, a senior market analyst at Oanda.
Banks .SX7P and energy .SXEP sectors were among the biggest drags on the STOXX 600, down more than 1%, with the latter hit a slide in oil prices. [O/R]
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