UK stocks were helped by a falling pound with Brexit talks plunging into crisis following the UK's threat to override its EU divorce deal
London/Sydney — World shares rose slightly on Monday after losing $2.3-trillion in the last two sessions in a technology stocks led rout as investors reassessed soaring valuations when the global economy is in a coronavirus-induced recession while oil prices dropped.
“It is almost inevitable that the perceived probability of 'no deal' will escalate over the coming weeks,” Goldman Sachs analysts wrote in a note. The exclusion of Tesla from a group of companies that were being added to the S&P 500 weighed on the electric car maker's Frankfurt-listed shares, which were last down 3%.
“Our risk indices have begun to turn from their euphoria highs,” Jefferies said, adding that it was switching its weighting on MSCI All World index to “tactically bearish” in the short term.In Asia, China's blue-chip index slipped 2.3% on Monday as possible blacklisting of China's largest chip maker, Semiconductor Manufacturing International Corp , hit tech firms across the board.The mood across Asian markets was tentative.
In currency markets, the dollar steadied in holiday-thinned trade on Monday, while traders shifted their focus to the European Central Bank's meeting on Thursday. Most analysts don't expect a change in policy stance.
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