Europe shrugs off pre-G20 China stocks slump, sterling steadies
Source: Reuters
European shares bounced after two days of falls on Thursday and sterling steadied having been pounded all week by 'Brexit' fears, though a 6 percent drop in Chinese stocks kept worries over China's economy on the boil.
Europe's FTSEurofirst 300 .FTEU3 was due a rebound having lost almost 4 percent since Tuesday and it came through as solid company results from Seadrill (SDRL.OL) and British bank Lloyds (LLOY.L) helped it claw back just over 1.3 percent.
Oil, the big market driver this year, was however beginning to slide back again and the slump in Shanghai underscored the nerves around China's economy ahead of Friday's G20 meeting there.
"At the moment the markets just feel like a chicken with its head cut off," said Saxo Bank's head of FX strategy John Hardy.
"Everything is swinging around on the daily moves on oil. There was a pretty remarkable comeback by Wall Street yesterday despite some weak data so it feels like it's a bit dodgy till we get past the G20 meeting."
Read more: http://www.reuters.com/article/us-global-markets-idUSKCN0VY01K
"....a bit dodgy"
= new reply since forum marked as read
Response to Lodestar (Original post)