World stocks slip back from 9-month highs
Thursday, 23 July 2009
LONDON, Jul 22 (Reuters): World stocks clung close to nine-month highs on Wednesday with some profit taking in Europe keeping a lid on further gains and cautious words from US Federal Reserve Chairman Ben Bernanke dampening sentiment.
The dollar was steady against major currencies.
MSCI's all-country world stock index .MIWD00000PUS was down 0.2 per cent, just off a 2009 high reached on Tuesday that took the index to levels last seen in October 2008.
The FTSEurofirst 300 .FTEU3 index of top European shares was down 0.5 per cent, breaking a seven-day winning streak. Earlier, Japan's Nikkei .N225 rose 0.7 per cent to hit its highest in more than two weeks.
"Experience tells us that the market doesn't go up for more than seven or eight days in a row and people were getting the feeling that the market (was overbought)," said Jim Wood-Smith, strategist at Williams de Broe.
Equities have been rallying sharply over the past week as corporate earnings reports, including many US majors, have provided positive surprises.
The dollar was steady against major currencies.
MSCI's all-country world stock index .MIWD00000PUS was down 0.2 per cent, just off a 2009 high reached on Tuesday that took the index to levels last seen in October 2008.
The FTSEurofirst 300 .FTEU3 index of top European shares was down 0.5 per cent, breaking a seven-day winning streak. Earlier, Japan's Nikkei .N225 rose 0.7 per cent to hit its highest in more than two weeks.
"Experience tells us that the market doesn't go up for more than seven or eight days in a row and people were getting the feeling that the market (was overbought)," said Jim Wood-Smith, strategist at Williams de Broe.
Equities have been rallying sharply over the past week as corporate earnings reports, including many US majors, have provided positive surprises.