Last week ended on a positive note for the European stocks and negative note for the US stocks. Friday saw the S&P500 dive more than 1%, while the Stoxx 600 closed 0.67% higher. We can’t drive major conclusions in a holiday-shortened and thin-trading-volume week, but last week’s price action looked pretty close to the narrative of rotation from tech to non-tech stocks that many investors expect to be the theme of next year.
Asian markets opened the week on a negative note. The Japanese Nikkei index and Australian stocks were offered this Monday with trading volumes nearly 20% lower the Japanese market, and 55% lower for their Australian peers (Bloomberg). Futures point at an unappetizing start for the last Monday of the year both in Europe and in the US, and the price moves could be exaggerated with low trading volumes. In the FX, the US dollar is flat. The...
