Wall Street opens slightly lower, with futures for the three major indices all underwater. Sentiment has been aided slightly by the pandemic-low in initial jobless claims, though worries over the growth outlook, Covid, and the Fed could keep stocks capped for now. Meanwhile the Eurozone bond spreads narrow and stocks pare losses after the ECB announcement. Markets have taken the ECB announcement of a “moderate” taper in monthly asset purchase volumes in their stride and mainly seem relieved that PEPP is here to stay for now and that the ECB made clear that this isn’t the start of rapid tightening.
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Stuart Cowell
Head Market Analyst
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