Stocks Meander in Holiday-Hit Trading; Pound Rises: Markets Wrap
- Markets in London, New York and Shanghai closed on Monday
- Italian bonds drop on early election concern; euro slips
Citi's Levkovich Sees Positive Surprise Ahead for Markets
Global stocks were mixed and the dollar and euro traded sideways amid thin trading as investors weighed the latest comments from a Federal Reserve official on the path of U.S. borrowing costs and Mario Draghi’s dovish message to the European Parliament.
With markets in the U.K., U.S. and China closed for holidays, volumes were depressed, limiting price movements. Sterling led gains among G-10 currencies as it recouped some of Friday’s retreat, and Italian assets fell as former Prime Minister Matteo Renzi raised the prospect of an early election. Brazil’s real rebounded from earlier losses, while Mexico’s peso strengthened even after bullish wagers fell. South Africa’s rand dropped after President Jacob Zuma survived a bid by some members of his party to oust him.