LONDON: The Federal Reserve's doubts over the U.S. economic recovery kept markets in the red on Thursday, even though European stock indexes spent the morning recovering from initial losses.
"It's easy to forget that we've just experienced one of the largest and most severe economic shocks on record," said Kaspar Elmgreen, head of equities at Amundi."We are navigating a ship here with unusually low forward visibility and a very wide range of outcomes." "The key question for investors is whether the policy responses are enough to mitigate the economic damage," BH Global, a fund managed by Brevan Howard, said in an interim report published on Thursday.
"So long as a V-shaped recovery in risky assets fails to create a V-shaped recovery in economic activity, this tension is a recipe for increased volatility," it said, adding that the U.S. presidential elections in November could be a catalyst for such volatility.It was down 0.2per cent at 1046 GMT, at US$1,926.4615 per ounce.OPEC and its allies pressed oil nations that are pumping above output targets to cut more in August to September.
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