Speakers from Touchstone Exploration, Shanta Gold, Savannah Resources and Kavango Resources feature in our Natural Resources webinar on May 25th. Please register here.

Less Ads, More Data, More Tools Register for FREE

LIVE MARKETS-Morning call: Taking a deep breath

Wed, 9th Sep 2020 06:33

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters
stocks reporters. You can share your thoughts with Joice Alves (joice.alves@thomsonreuters.com)
and Julien Ponthus (julien.ponthus@thomsonreuters.com) in London and Danilo Masoni and Stefano
Rebaudo (stefano.rebaudo@thomsonreuters.com) in Milan.

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
morning.

(Julien Ponthus)

*****

More News

Sunday newspaper round-up: Pfizer, GlaxoSmithKline, Rolls-Royce

(Sharecast News) - Pfizer's most senior UK executive has criticised the call to forgo patents on Covid vaccines, warning that it would lead to a global shortage of raw materials. Ben Osborn, who leads the American drugs giant in the UK, said an intellectual-property waiver was "not the answer". "We would see a very rapid short-term impact," he said. "It could allow any organisation to start procuring some of these basic raw materials across multiple countries." Osborn, 44, said it could even mean that existing vaccine manufacturers - which include Astra Zeneca and US biotech venture Moderna - would be unable to fulfil their obligations to deliver doses. - Sunday Times

Today 12:25

UK has "high degree of confidence" vaccines work versus Indian variant

UK has "high degree of confidence" vaccines work versus Indian variant

Today 11:57

PRESS: Devon tungsten mine owner plans GBP100 million AIM IPO - Times

PRESS: Devon tungsten mine owner plans GBP100 million AIM IPO - Times

Today 11:10

UPDATE 1-UK to make final lockdown easing decision on June 14

(Adds vaccine comments, context)LONDON, May 16 (Reuters) - Britain will make a decision on June 14 about whether or not to go ahead with the final phase of its easing of COVID-19 lockdown restrictions, health minister Matt Hancock said on Sunday.B...

Today 09:07

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.