Australian shares are set to drop as global markets hit the 'pause button', while the EU economy may suffer a worse-than-expected contraction.
Australian shares are set to drop in early trade as global markets hit the "pause button" after a rapid surge over the past few days.AUD: 69.43 US cents, 55.31 British pence, 61.57 Euro cents, 74.67 Japanese yen, 4.889 Chinese yuan, $NZ1.061Europe: UK : -1.5pc at 6,190, Germany -0.9pc at 12,617, Euro Stoxx 50 -0.9pc at 3,322Spot gold +0.6pc at $US1,794.
The Nasdaq briefly climbed to a new record high on Tuesday , but ultimately fell by 0.9 per cent in the final hour."It's healthy to have some pullbacks," said Alan Lancz, an investment adviser based in Toledo, Ohio. "Even a more dramatic pullback would be good, just because I think there's a lot of uncertainty and it's kind of advanced on a wall of worry here.
"There's probably more profit-taking and volatility in store on the down side after the incredible rebound from the March lows."It was a similar story in European markets, with Germany's DAX and Britain's FTSE losing 0.9 per cent and 1.5 per cent respectively.
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