Global Stocks Extend recovery – EURO STOXX Trading Under Pressure
Feb, 19th 11:24
European stocks were set for a sixth session of gains on Monday, extending a recovery from a selloff sparked by fears of creeping inflation and higher borrowing costs.
European bourses gave up initial gains to turn lower, with the pan-European STOXX 50 was down 0.2 percent.
Trading was slower than usual due to market holidays in the United States and China, but moves in the steel sector were pronounced in the wake of the U.S. government outlining proposals for hefty import curbs.
The sell-off took place even as the corporate earnings outlook improved on the back of strong global growth, bringing down equity valuations off highs hit earlier this year.
On the technical charts, EURO STOXX50 is trading in the negative zone below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is at 42.79 and the MACD is below the signal line.
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