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(Reuters) - European stocks tumbled on Wednesday as extended coronavirus lockdowns drove the German government to slash its growth forecast for 2021, while talk of further interest rate cuts by the European Central Bank hit banking stocks.
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, January 26, 2021. REUTERS/Staff
After holding largely unchanged in morning trade, the pan-European STOXX 600 fell into the red and closed down 1.2% - its biggest single-day percentage fall in over five weeks.
The global mood also soured as investors turned more cautious about mounting coronavirus cases around the world and about stretched stock valuations after retail investors piled into some niche U.S. stocks, causing an eye-popping surge in their market value within just days.
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Ann Miletti is the head of active equity at Wells Fargo’s $607 billion asset management arm.
Miletti started out working the midnight-to-eight shift at Strong Capital Management’s call center.
She shares how she overcame career challenges, and three major investing trends she’s watching.
There are many paths to investing and Ann Miletti likes to say that she got here by mistake.
Miletti studied to become a teacher but her time in the classroom was cut short when her son was born with a pretty severe heart defect. For the next eight months, she took care of her son while trying to figure out how to get out of the mountainous pile of medical debt they had racked up.
Despite Brexit agreement, managers still face issues
Leonard Ng
While Brexit is operationally becoming a smaller risk for managers that have now largely secured permissions for their companies to operate in the European Union, they say challenges remain.
Leonard Ng, partner at law firm Sidley Austin LLP in London, said the Dec. 24 agreement of a trade deal between the EU and the U.K. does not mean that U.K.-based firms are getting financial services equivalence. Equivalence permits U.K.-based firms to sell strategies and services to European Union-based clients. In its absence, Mr. Ng warned that any firms selling financial products to EU investors will be breaking the law unless they have secured licenses to operate in their clients member states.