Markets in Europe moved down after a turnaround in the U. S. markets. The good news was that the Bank of England cut interest rates at the same time other European bourses and the Bank of Japan joined in,
More Quotes from Khuram Chaudhry:
The ISM data is key today, especially in light of last week's data on regional manufacturing activity, combined with some positive comments on economic growth by the Federal Reserve. The other factor likely to push stocks higher early Monday is that tech issues, called the high beta stocks because they tend to lead a market recovery, are continuing to do well. That's certainly a plus for the market.Khuram Chaudhry
We've seen a lot of bad news emerge from the U.S., ... and it's likely to continue with regard to European companies.
Khuram Chaudhry
We are in the midst of the third-quarter reporting season and it's quite likely the numbers will meet expectations or be below, so there is still scope for bad news.
Khuram Chaudhry
The markets are still very defensive in tone. Airlines are still being hit quite sharply. But we saw some renewed interest in some of the telecommunication names.
Khuram Chaudhry
There is a little bit of uncertainty about what exactly Mr. Greenspan will say today. Investors want to hear about interest rates. Yes, the economy has shown some signs of suffering recently, but that's countered by other data indicating continued improvement overall. Investors are cautious until they hear more from Greenspan today.
Khuram Chaudhry
We could see more of the same today, Europe is still moving lower on the back of where the U.S. was and the catalysts just don't seem to be there.
Khuram Chaudhry
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