Live Markets: Summertime sadness

Hannover Rueck SE

12/08/2024 10:07

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      STOXX 600 flat
    

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      BT shares up on Drahi stake sale
    

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      Volatility ebbs
    

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      Wall St futures edge up
    

  
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    SUMMERTIME SADNESS
    Europe's STOXX 600  .STOXX  could be set to rise for a fifth straight day on Monday if early
gains hold, but the index still trades about 5% below its peak from June, and analysts remain
cautious through the summer. 
    "From here, equities remain vulnerable," GS equity strategists say in a note, citing high
valuations, especially in the U.S., and rising unemployment. 
    Yet, GS doesn't expect a bear market, which they say tend to be triggered by recessionary
fears and risks of a downturn in profits. 
    "Recession remains a risk rather than a likely outcome ... ISM services print was strong,
suggesting that a broad downturn is not imminent."
    JPM is also cautious, saying the risk-reward for equities is to stay mixed through the
summer. 
    "We remain concerned about the backdrop for stocks," JPM says. 
    "Activity is weakening, negative earnings revisions resumed, concentration risk and
geopolitical uncertainty are elevated."
    
    (Samuel Indyk)
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    FOR MONDAY'S OTHER LIVE MARKETS POSTS:
    SMOOTH SAILING CLICK HERE
    FUTURES IN THE GREEN CLICK HERE
    MARKETS SHIFT TO HOLIDAY MOOD CLICK HERE

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European equities steadily higher    https://reut.rs/3yMqn6S
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