Share markets drifted further after the opening bell in Europe on Thursday
Share markets drifted further after the opening bell in Europe on Thursday, following a slide in Asian stocks, mostly weighed down by the tech sector.
Uncertainty and investor skepticism linger this week as the short- to mid-term outlook remains blurry to most market operators who are still assessing the prospect of an economic recession brought by the current aggressively hawkish policy cycle from central banks. With that in mind, traders are keeping both eyes on the corporate front to see how companies cope with this difficult environment. While corporate results aren’t dramatic so far, the overall trend remains mixed, especially after Tesla Motors slightly beat earnings but missed revenue projections yesterday, shortly after the market close in the US. This starts raising questions over stock/riskier assets exposure for professional investors, a situation that could drive benchmarks to new annual lows if fundamentals don’t show any sign of improvement.
Technically speaking, most stock indices failed to clear their major resistance levels yesterday as buyers aren’t strong or numerous enough to keep control of stock markets yet.
Pierre Veyret– Technical analyst, ActivTrades
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