The strong rally enjoyed by US and European equities in recent sessions showed signs of slowing down yesterday in spite of further encouraging economic data and central bank action to boost growth.
Profit-taking, in particular among technology stocks, led Wall Street lower even as most observers took a relaxed attitude to the outcome of the US government's “stress tests” on leading banks.
But other beneficiaries of the recent improvement in risk appetite, such as credit default swaps and commodity prices, maintained their positive tone.
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