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VISIT NEW SITEEuropean rally stalls, ASX up and running
2 minute read
The S&P/ASX 200 Index added 0.2 per cent to close at 6498.2 points on Tuesday. This was above Monday’s nine-month high to end the session 9.3 per cent below its February record close.
China stocks slipped on Tuesday. Losses in healthcare and technology, media and telecom (TMT) stocks were the drivers off lofty valuation concerns, while more bond defaults hit sentiment.
The CSI300 index fell 0.3% to 4,890.57 points at the end of the morning session, while the Shanghai Composite Index fell 0.2%, to 3,340.32 points.
Falling the most, the CSI300 healthcare index and the CSI TMT industries index slid 2.6% and 1.9%, respectively.
In terms of European markets, Chris Beauchamp, Chief Market Analyst at IG says they have trimmed recent gains, with the FTSE 100 suffering most with a 30 point loss.
“The rally has stalled across Europe, pausing for breath after the huge gains of the past week that have been driven by positive vaccine news.
“Overall the atmosphere is still positive but as the euphoria about possible routes out of the crisis begins to fade the focus will shift, to a degree at least, to the manufacture and distribution of the vaccines.
“Nonetheless, risk appetite appears well-supported from here, seasonality, inflows and sentiment all providing a foundation for further gains into the end of the year.
“The main debate will focus on whether value stocks have truly seen a resurgence, or whether, once again, this unloved sector of the market is just enjoying a brief recovery before investor enthusiasm for tech stocks and other high-growth names returns.
“EasyJet shares have taken the news of its first annual loss quite well, all things considering, and have managed to get over the warning about reduced capacity for Q1 2021 too.
“After a 53% gain for the month so far the stock might be considered vulnerable to some downside via profit-taking, but it looks like investors are prepared to stick this one out for now, hoping perhaps that Q2 and Q3 will see a big recovery as the vaccine news filters through to consumers.”
Big news in Crypto
Bitcoin broke through the $17,000 milestone overnight.
Simon Peters, crypto analyst at eToro, said, "Bitcoin has broken through the critical price milestone of $17,000 and looks set to move higher.
"It is not out of the question for the crypto to hit its all time high of $20,000 this side of Christmas. The last time bitcoin was valued at $20,000 a coin was in December 2017, at the height of the crypto’s last bull run.
"Three years on, the crypto industry has consolidated, matured and is seeing real traction with institutional investors. Investors are using bitcoin as an inflationary hedge to combat the prospect of continued government stimulus.
"Will it be a Merry Christmas for bitcoin holders, we’ll have to wait and see but the signs look promising."
Tickers
Dow: -0.56%
S&P 500: -0.48%
NASDAQ: -0.21%
FTSE 100: -0.87%
DAX: -0.04%
CAC 40: +0.21%
Asia Dow: +0.36%
Nikkei 225: +0.42%
Hang Seng: +0.12%
ASX 200: +0.21%
AUD: 0.73
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