The yen climbed for a sixth straight day
Europe knows when to surf up. Shares on the Old continent followed earlier Asian advances. The yen went up for a sixth straight day, despite comments from the BoJ about excessive moves in the currency market.
Stoxx Europe 600 joined the MSCI Asia to the assault on further green trading pastures with Hong Kong reaching a record. Bitcoin joined a full out retreat on the part of cryptocurrencies. It fell 20% to $11,192.
The recent march upward by stocks was in part owed to the synchronized global growth and some investors were left wondering if there isn’t just too much short-termism in the market.
It’s going to be a mostly philosophical question from here on if Trump’s tax cuts will be able to boost earnings enough to justify those high evaluations.
Watch out for earnings season! This week we expect Bank of America, Goldman Sachs and ASML Holdings NV.
Energy and basic mats lead the market lower
We jumped that peak, not it’s time to recouple. US shares fell back from their all-time highs – with industrial shares taking a blow, as metals and oil declined. Treasuries made headway at the backdrop of Congress talks to avoid a government shutdown on Friday.
All major equity indexes were on the red. Dow Jones fell a full 300 points from its peak of 26,086, earlier in the session. The S&P 500’s fall was of about 1% lower than its session record of 2,800.
What we’ve been seeing the past few months in terms of stocks growth was owed in part to the synchronized global growth and a few investors were left thinking about if there isn’t too much short-termism in the market.
We have to dig deep philosophically from here if Trump’s tax cuts will give earnings enough of a boost to justify those high evaluations.
Keep an eye out for earnings season! This week we expect Bank of America, Goldman Sachs and ASML Holdings NV.