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.
More Quotes from Khuram Chaudhry:
The Royal DutchShell story could be a drag on the sector today.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
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, ... When liquidity is in poor supply, it's good for stocks versus other asset classes.
Khuram Chaudhry
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.
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
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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