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As the stock market sags, it might be time to turn bullish

For years, I have been strongly urging those willing to listen that the stock market was setting up to exceed 2,500 in the S&P 500 Index before a major correction takes hold. So far, the market has been playing out in an almost textbook fashion. The only variations we have seen are in the pullbacks in this rally since February 2016, and they have been shallow. We may be seeing yet another shallow pullback in the current segment of the rally as well. It does look as though the S&P ...

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Initial public offerings in Britain hit five-year low ahead of Brexit

Initial public offerings (IPOs) by companies based in Britain have raised $1.53 billion so far in 2017, a 28 percent decline on last year and the lowest year-to-date total since 2012 as Britain prepares to leave the EU, Thomson Reuters data shows. With London set to begin the process of leaving the European Union on Wednesday, and elections in France and Germany later this year, the number of suitable windows to launch IPOs in Britain and Europe is expected to be limited. South Africa’s Brait SE suspended plans to list ...

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European stocks bounce back as worries over Trump rally recede

European stocks stepped higher Tuesday, as analysts said worries were abating over whether the Trump administration will be able to push through pro-growth reforms in the world’s largest economy. The Stoxx Europe 600 index SXXP, +0.22%  rose 0.3% to 376.05, rallying after Monday’s drop of 0.4%. The pan-European benchmark slid on Monday along with equities worldwide after a Republican overhaul of the U.S. health care system fizzled, sparking worries about President Trump’s other business-friendly plans. “Markets are calmer today,” said Hussein Sayed, FXTM’s chief market strategist, in a note. American ...

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European Stocks Drop as Doubts Grow Over Trump Tax-Cut Potential

European stocks fell, mirroring a drop in U.S. index futures, as the failure to pass U.S. health-care legislation Friday sparked fresh doubts over the ability of U.S. President Donald Trump’s party to cut taxes and boost infrastructure spending. The Stoxx Europe 600 Index was down 0.7 percent at 8:24 a.m. in London, with a gauge for the basic resources sector dropping 1.5 percent. Mining stocks have been among the biggest beneficiaries of the Trump rally started in November. S&P 500 futures were down 1 percent on Monday. Trump’s inability to ...

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Bull market not dead as tax reform takes spotlight

The death of the Republican healthcare reform may not prove to be the knife to the heart of the bull market some had feared, but to keep the Trump Trade alive investors should temper expectations for the breadth of expected tax cuts. Anxiety over prospects for the healthcare bill gave stocks their largest weekly drop since the November presidential election. But its failure to pass could also force the Trump administration to come up with a palatable tax reform that could deliver this year some of the stimulus Wall Street ...

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European Stocks Hold Steady as Gain by Miners Offsets Food, Tech

European stocks were little changed, with advances in mining companies countering declines in food and beverage producers. The Stoxx Europe 600 Index was little changed at 374.11 as of 8:38 a.m. London time, after three days of losses, as the Asian stock sell-off eased. European miners climbed 0.3 percent, following metals prices higher, as the food and beverage sector dropped 0.5 percent. Technology shares declined. U.S. equities gained on Wednesday, before a possible procedural vote on a Republican health-care bill on Thursday. The British Parliament will return to work, having ...

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Record Number of Fund Managers Say U.S. Equities Are Overvalued

Measures of stock valuation have been flashing caution for months. Humans are finally starting to take notice. Fund managers now say stocks are the most overvalued they have been in nearly 20 years, according to a survey done last week by Bank of America Merrill Lynch. Survey positioning data argues for a “March [or] April risk rally ‘pause,”’ with stocks deemed the most “overvalued” since 2000, the team, led by Chief Investment Strategist Michael Hartnett wrote in a note to clients. “The U.S. is identified as the most overvalued region,” ...

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Stock Traders Gain New Bellwether for Analyzing Brexit Talks

Equity traders have a growing list of ways to track Theresa May’s divorce talks with the European Union. One of the most recent is a pair of indexes started by Bats Europe, part of CBOE Holdings Inc. The gauges measure the 50 biggest U.K. stocks that are most tied to the British economy, and the 50 largest internationally focused peers. The firm says investors need new methods to size up British companies as Prime Minister May prepares to trigger Brexit on March 29. “It’s a bellwether, and it’s about as ...

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European Stocks Mirror Global Selloff on Trump Trade Skepticism

European stocks fell, extending a decline that began the previous afternoon, as investors questioned the extent to which U.S. President Donald Trump can deliver on growth policies that have been priced in since his election. The Stoxx Europe 600 Index declined 0.8 percent at 8:28 a.m. in London, heading for its worst back-to-back drop since January. Equities in Asia also tumbled, following the S&P 500’s biggest slide since October. Banks and miners led losses in Europe, as all industry groups except utilities fell. “Even the mistiest-eyed optimist appears to be ...

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Markets fret as Trump agenda shows signs of cracks

The steepest pullback in stocks since the U.S. presidential election reveals investor angst about President Donald Trump’s ability to push through major reforms, leaving stocks vulnerable to a long-anticipated correction. The S&P 500, in its second longest bull market ever, has risen close to 10 percent since the Nov. 8 election on optimism about Trump’s pro-growth agenda. With valuations at their highest in over a decade, investors have been expecting a pullback even if its catalysts haven’t been clear. Trump, looking to score the first major political win of his ...

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Trump tax cut doubts hit stocks, lifts yen vs. dollar

Growing doubts U.S. President Donald Trump will be able to deliver on a promise of tax cuts that has powered stocks markets to record highs pushed shares lower on Wednesday and drove investors to seek safety in government debt, gold and the yen. The dollar touched a four-month low against the Japanese currency, whose strength helped push Tokyo stocks to a three-week low, while the euro held close to its highest since early February at around $1.08. Investors’ flight to safety pushed down U.S. Treasury yields and the gap between ...

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World stocks seen as most overvalued in 17 years – BAML survey

World stocks are their most expensive in 17 years, but bond yields will need to be much higher than they are currently to trigger an equity bear market, a monthly fund manager survey showed on Tuesday. Bank of America Merrill Lynch’s (BAML) poll of investors managing $592 billion worldwide was conducted from March 10-16, a period that saw Wall Street’s recent string of record highs fizzle out and the Federal Reserve raise U.S. interest rates. Global investors’ allocation to stocks hit a two-year high, according to the poll, with a ...

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European Stocks Boosted by Banks’ Biggest Rally in Three Weeks

European stocks rose toward their highest level in 15 months as banks followed gains in the region’s bond yields. The Stoxx Europe 600 Index added 0.4 percent at 1:24 p.m. in London. Yields on short-dated German bonds rose as investors unwound hedges against French election risks after polls showed centrist candidate Emmanuel Macron bested anti-euro rival Marine Le Pen in a presidential debate. That in turn boosted bank shares, with Italian lenders and Deutsche Bank AG leading gains. Banco BPM SpA and UniCredit SpA were among the best performers in ...

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Maybank Sees Southeast Asia Equity Deals Rising From 2016 Low

Malayan Banking Bhd., Southeast Asia’s top arranger of equity fundraising deals, is anticipating transactions in the region to rebound from a five-year low on the back of an improved economic outlook. Share sales and rights offerings are likely to come from industries including power, infrastructure and consumer products, John Chong, chief executive officer of the Malaysian lender’s Maybank Kim Eng investment-banking unit, said in a phone interview from Kuala Lumpur on March 17. Part of the activity will come from companies that had deferred deals last year, he said. Equity ...

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Markets welcome G20’s FX stance, wary on trade split

Financial leaders from the world’s biggest economies found common ground on foreign exchange at a G20 meeting on Saturday but failed to agree on trade, highlighting a global shift towards protectionism and setting a cautious tone for financial markets next week. The Group of 20 powers meeting in the German spa town of Baden-Baden reiterated their long-standing warnings against competitive devaluations and disorderly FX markets, allaying fears that the new U.S. administration might have opened up a chink in the G20’s united front on global currency policy. For markets, no ...

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