Fresh optimism about the US economy offered support to equity markets yesterday although the underlying mood was cautious as investors awaited global and regional policy developments.
“Real money investors remain wary ahead of the G20 meeting in London amid uncertainty about the policy direction thereafter,” said Samarjit Shankar at Bank of New York Mellon.
Marco Annunziata, chief economist at UniCredit, said G20 leaders must agree on a realistic redistribution of fiscal stimulus effort while avoiding a recurrence of imbalances. “If they fail to do so, market sentiment will be the first victim; the recent recovery in risk appetite will prove short-lived, and the current bear market rally could end quite quickly,” he warned.
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