LONDON: World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty U.S. interest rate cut later this month.
"Both from a bottom-up and top-down perspective, equity market valuations appear far too ambitious," analysts at Morgan Stanley wrote in a note. U.S. Fed chairman Powell gives a testimony before Congress on Wednesday. Money market futures are still fully pricing in a 25 basis point cut at the Fed's July 30-31 meeting, but have almost priced out a larger 50 bps move that had been seen as a real possibility a couple of weeks ago.
"The last few Fed speakers, albeit non-voting speakers, have suggested July is not a done deal... and even now, if you look at economists' forecasts, there is not a consensus that there will be a move, and yet the market is 100per cent priced."Elsewhere, the pound stood at 1.2485, not far from six-month lows of US$1.2481 touched on Friday.
Apple's suppliers, such as Murata Manufacturing and Taiyo Yuden, fell 2per cent and 4per cent, however, after Rosenblatt Securities cited a"fundamental deterioration" for the U.S. gadget giant over the next 6-12 months.
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