European and US stocks slide, oil prices rally
5 hours ago
Picture used for illustrative purpose.
European and US equity markets took a step lower on Tuesday on valuation concerns and worries about renewed US-China trade tensions. Meanwhile oil prices rallied on the prospect of renewed travel in the US and Europe, and the dollar firmed looking ahead to key US jobs data later in the week.
Traders are awaiting the release Friday of US jobs data for April, with some observers suggesting around one million positions created, but in the meantime investors worried about valuations and renewed US-China trade tensions.
With equities sitting around record or multi-year highs after a more than year-long rally, there is a feeling that they are in store for a small correction soon, before resuming their upward march.
The flip side of the blockbuster earnings reported by many companies has been warnings about rising prices, which has sparked concern among investors that the US...read more...