The European market is taking its lead from Wall Street, and there's increasing concern we will see the impact of slowing corporate profits turn up on stock prices.
More Quotes from Gary Dugan:
This thing has been bid down and down. But I think on fundamentals now, taking a two to three-year view, people have got more comfortable with the level that we're paying.Gary Dugan
I think everyone wants the markets to move higher -- there might be something of a rebound. But the scene will be set by the ISM. If that's weak, as our manufacturing numbers were in Europe, I think the market will be going down again.
Gary Dugan
Service-sector inflation has been picking up. Wage inflation has shown some signs of picking up so, unlike the U.S., Britain does have some worrying signs of inflation.
Gary Dugan
This could finally lead to a sell-off in U.S. equities. And then European stocks would mirror falls on Wall Street.
Gary Dugan
The Vodafone picture is disappointing, but consistent with the industry. We've certainly not been excited about the sector. Consistent disappointments -- that's when share prices suffer.
Gary Dugan
There are two key challenges to the U.S. market one is Fed policy -- and it's still our concern that the Fed will be increasing rates this side of Christmas secondly, it's the slowing corporate earnings outlook. Although corporate earnings are still probably going to rise, I think there's a concern that numbers may come in below consensus and drive the markets down.
Gary Dugan
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