US stock futures were up 0,5%, pointing to a rebound at the Wall
Street open after US stocks dropped more than 2% .N and the Standard
& Poor’s 500 index had its worst day since November 7 overnight,
after two bombs ripped through the crowd at the finish line of the
Boston Marathon on Monday killing at least three people and injuring
more than 100.
The MSCI’s broadest index of Asia-Pacific shares outside Japan eased
0,1% after shedding as much as 1% to come closer to a 2013 low hit
earlier this month, dragged down by its materials and energy sectors.
Markets were ripe for some correction after recent rallies. US stocks
hit record highs, underpinned by optimism about a steady recovery in
the world’s two largest economies, despite patchy economic reports. Oil
and base metals were resilient despite supply capacities and investors
piled up positions shorting the yen on expectations for bold monetary
stimulus.
“Broadly, risk markets had been rallying at a pace not in line with a
tepid global growth recovery, so in a way, they are trying to revert to
levels more in line with fundamentals. It’s time to book profits from
recent rallies and hoard cash,” said Naohiro Niimura, a partner at
research and consulting firm Market Risk Advisory in Tokyo.
Cash gold and US gold futures plunged to their weakest in more than
two years, pulling silver lower and dragging Tokyo gold futures down
almost 10%.
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