LONDON: Eurozone stocks have suffered from the single currency’s strong position against the dollar, says Michael Sneyd, head of foreign exchange strategy and cross asset strategist at BNP Paribas. But this week’s reverse, with the dollar rising, could help European bourses. “We’re quite surprised that based on valuations that European stocks aren’t doing better”, he said, “versus US stocks they’re still trading at quite a large discount, despite the fact that you have very strong [economic] growth dynamics in the eurozone.” “The fact that euro-dollar is getting back to the bottom of the range of February is supportive of the European stock market,” Mr Sneyd said.
Rising energy stocks in Asia Pacific markets bolstered bourses in overnight trading, following an underwhelming session on Wall Street, where a tentative rally saw the S&P 500 finish only 0.1 per cent higher as concerns over a more aggressive stance from the Federal Reserve damped sentiment. Futures trading this morning is anticipating a 0.4 per cent lift for the S&P 500, with major French and German markets expected to be up slightly.
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