The rally in global shares paused Tuesday in quiet trading as U.S. markets were shut for a holiday.
Europe's benchmark Stoxx 600 edged higher on trading volume that was a quarter lower than the 30-day average. Real estate shares climbed, while J Sainsbury Plc fell as the U.K. grocer's unchanged pretax profit forecast underwhelmed analysts.
There's no cash trading in U.S. equities and Treasuries due to the Independence Day holiday. Futures on the S&P 500 and the Nasdaq 100 were little changed. Signs of cooling in the U.S. economy and continued hawkish central-bank rhetoric mean investors are tempering expectations for stocks for the remainder of the year. Friday's nonfarm payrolls report will be closely watched for clues on the trajectory of monetary policy.
“We remain cautious on equities amid a broadly muted economic backdrop,” said Luca Paolini, chief strategist at Pictet Asset Management. “A gap has opened up between earnings expectations and leading economic indicators. At some point, the gap will have to close. Either the economy will rebound — which we think unlikely — or equities will reprice.”
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