Global Rally Fizzles, S&P Futures Capped At 2,800
European stocks and US futures were higher on Tuesday following a mixed session in Asia, although traders faded earlier euphoria and the Stoxx 600 was little changed, erasing a gain of as much as 0.3% as traders awaited more details on a potential US-China trade deal, after earlier in the day China pledged more stimulus to stabilize slowing growth when it predicted its 2019 GDP would shrink to "6-6.5%."
Europe's Stoxx 600 Index inched fractionally higher, led by gains in telecommunications shares, pushing the broader index deeper into overbought territory.
with traders pleasantly surprised for once by stronger European Services PMIs across the board, suggesting Europe's economic slowdown may have found the reverse gear
Tobacco, healthcare, consumer staples, and other safe havens led the gains amid broader gloom about the global economy. British American Tobacco, Anheuser Busch and Unilever were up between 1.2% and 2.1%. Among individual movers, Evonik shares were close to four-month highs after the German chemicals group reported a slight rise in profits thanks to its coating additives and engineering plastics division. Vodafone added 2.3 percent after announcing plans to issue 4 billion euros ($4.5 billion) worth of convertible bonds to help finance its takeover of some Liberty assets. Elsewhere in the UK, British product testing company Intertek was the biggest faller in London, with a dealer attributing the drop to profit taking after largely in line full-year results. Luxury goods companies Richemont and Moncler were each down more than 3 percent after downgrades.
Meanwhile, in the US. S&P index futures traded higher following a lackluster start, although off their highs as the critical resistance at 2,800 is once again proving a solid barrier for the bulls.
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