European markets nudge higher, bucking negative global trend
The pan-European Stoxx 600
added 0.3% in early trade, with tech stocks climbing 1.6% to lead gains as most sectors and major bourses entered positive territory.
Market jitters have been prevalent since Friday after hawkish remarks from Federal Reserve Chair Jerome Powell. On Tuesday, New York Fed President John Williams called for a “somewhat restrictive policy to slow demand.”
Shares in the Asia-Pacific fell in Wednesday trade following a negative lead from Wall Street, and as investors digest China’s factory activity data. Meanwhile, U.S. stock futures were flat in overnight trading.
The pan-European Stoxx 600
added 0.3% in early trade, with tech stocks climbing 1.6% to lead gains as most sectors and major bourses entered positive territory.
Market jitters have been prevalent since Friday after hawkish remarks from Federal Reserve Chair Jerome Powell. On Tuesday, New York Fed President John Williams called for a “somewhat restrictive policy to slow demand.”
Shares in the Asia-Pacific fell in Wednesday trade following a negative lead from Wall Street, and as investors digest China’s factory activity data. Meanwhile, U.S. stock futures were flat in overnight trading.
Stocks have taken yet another turn lower after U.S. Federal Reserve Chairman Jerome Powell made clear last week that rate hikes are set to continue — even if they cause more pain ahead.
What could drive the next leg down for stocks? Morgan Stanley and Wolfe Research have identified a number of indicators they expect to determine market moves looking ahead.
China’s government is striving to boost auto sales, and this is likely to benefit electric vehicles more than their petrol-based counterparts, according to Morgan Stanley
.
“While China braces for its slowest quarterly economic growth in two years, the car industry is benefiting from multifaceted stimulus offered by central and local governments,” the bank’s analysts said in a note this month.
They named three buy-rated stocks they expect to get a boost from the measures.
