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MORNING CALL: TAKING A DEEP BREATH (0525 GMT)
European and Wall Street futures are flat at the moment, signalling at least some kind of
temporary stabilization after yesterday's rout across global stock markets.
But taking a deep breath doesn't mean that the angst surrounding the valuation of tech, the
delay in AstraZeneca's COVID-19 vaccine or Brexit will go away.
For many investors, the Nasdaq sell-off and concerns about the excess purchases of call
options have flagged the risk of a larger correction across other markets.
In that light, Tesla's 21% fall on Tuesday looks like a possible wake up call.
Some analysts, on the other hand, argue that the latest market price action may well just be
a temporary blip "in the buy everything FOMO trade of the past six months".
"The underlying drivers of the buy everything rally, a global savings glut hunting for
yield, bottomless amounts of zero per cent central bank money looking for a home and expected
post-COVID-19 recovery of sorts in 2021 remain intact", Jeffrey Halley at OANDA commented this