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Corporate results in Europe disappoint and non-US equities come under increased pressure
Last week was a mixed week for markets which started on a weak footing, with US high yield and non-US equities under pressure for the first time since summer. The cautious sentiment was reinforced by disappointing corporate results, particularly in Europe, with the likes of EDF falling more than 10% following a profits warning.
This picture was further exacerbated by soft Chinese economic data bearing down on the oil price and energy stocks. However, towards the end of the week, positive earnings reports from the likes of Walmart and Cisco Systems helped the US Standard & Poor’s Index to bounce strongly. As of midday Friday, the S&P 500 was…
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