European stocks posted modest gains and Wall Street equity futures were little changed as investors positioned themselves for an action-packed week, including the release of U.S. consumer price data that may confirm the inflation battle isn't over,…
Europe's Stoxx 600 index edged higher, as travel and leisure and construction stocks gained while energy and real estate underperformed. Contracts on the S&P 500 and the tech-heavy Nasdaq 100 steadied following the worst week of the year on Wall Street for stocks and bonds. An Asian equity benchmark headed for its lowest close in more than a month.
“We are certainly continuing to be very cautious on equities,” Nannette Hechler-Fayd'Herbe, chief investment officer at Credit Suisse International Wealth Management, said on Bloomberg Television. “We find at the moment there is a disconnect in valuations versus where interest rates by the Fed — but also by other central banks — are going to be for the remainder of the year.”
“While the recent move higher in front-end rates is supportive of the notion that the Fed may remain restrictive for longer than appreciated, the equity market is refusing to accept this reality,” a team led by Michael Wilson wrote in a note.
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