The European markets rebounded from earlier today, but a lot of uncertainty remains in the markets. First there's the political backdrop. Secondly, with regard to the U.S. data on Friday, we had U.S. labor figures which weren't too encouraging. But markets across Europe have made considerable headway since Sept. 11. There's a degree of profit-taking going on.
More Quotes from Khuram Chaudhry:
These three data points from Europe and Bill Gross' comments Tuesday do support speculation about the Federal Reserve rethinking its rates policy.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
In that environment, markets could retest lows, but if we get the policy response then we'll get more of a rally.
Khuram Chaudhry
It looks like the worse the outlook for corporate profits the better it's becoming for investors who are beginning to sense that perhaps the central bank will not raise interest rates again.
Khuram Chaudhry
Today has been different from the past few weeks as we have seen real capitulation in the market as every stock and every sector is down.
Khuram Chaudhry
All eyes are on the Fed's decision expected later today (Wednesday). We've seen some downward pressure, especially on some of the telecom names, particularly France Telecom, and in also on some German stocks. But the main driver has been what happens with the Fed decision today,
Khuram Chaudhry
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