The global stock rally eased on Thursday and Treasuries rose as investors assessed signals of overheated equity markets amid a deteriorating coronavirus situation in many large economies.

European stocks opened lower as several earnings reports disappointed. Siemens AG slumped after forecasting a slight increase in 2021 profit while warning that some pandemic-related challenges will remain. U.K. financial services provider Legal & General Group Plc sank after saying it may keep its final 2020 dividend flat. One bright spot was Burberry Group Plc, which rose as much as 5.8% after sales dropped less than expected.

Most markets in Asia dipped, though Chinese technology shares rallied following their $290 billion wipeout over plans for tougher regulations. Futures for the S&P 500 Index and Nasdaq 100 slipped.

Investors will look for fresh market catalysts later on Thursday in an online forum featuring speeches by European Central Bank President Christine Lagarde, the Bank of England Governor Andrew Bailey and Jerome Powell of the Federal Reserve.

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Source: Bloomberg, Investing, Finviz

Posted on

November 12, 2020


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