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Global stocks recover on firmer futures, retreat in US yields


LONDON/SYDNEY (March 9): Global stocks steadied on Tuesday, supported by stronger US equity futures and a decline in US and European bond yields.
In Europe, the Euro STOXX 600 was up 0.1% after a gains on Monday that lifted Germany s index to a record high.
In volatile trading in Asia, the Shanghai Composite index fell 1.8% and was close to a correction from a multi-year high on Feb 18 amid fears of policy tightening. Japan s Nikkei finished 1% higher as consumer goods companies and property developers gained on expectations they would benefit from an economic recovery.
We re going through a consolidation phase, said Francois Savary, chief investment officer at Prime Partners. There is a trend towards a rotation in the market, which is correct as price-to-earnings ratios were excessive. But overall, we think we will have a more balanced equity market than 2020, though volatility is going to stay with us. ....

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