(Reuters) – Global shares edged up to their highest in nearly two weeks on
Tuesday, but the rally looked to be running out of steam on the back of concerns
over Europe’s debt troubles and U.S. growth.
World stock markets, as measured by MSCI,
were up 0.17 percent, but European markets were mixed, with Germany’s DAX index
down half a percent and U.S. futures pointed to a weaker open for Wall
Street.
With big-ticket data like U.S. job numbers due later this week, many
investors remain uncertain about a recovery in the world’s largest economy, leaving risk for a
correction in markets still trading at low holiday volumes.
Tepid demand at a bond tender in Italy also did little to quell
renewed concerns over the euro zone’s debt problems and a banking sector which
the IMF has warned should be recapitalized to deal with the fallout of three
years of crisis.
“With consumer confidence, the (U.S) ADP jobs report, ISM Manufacturing,
jobless claims and nonfarm payrolls report all due in the coming days, there is
going to be a lot of nervousness around,” said Ben Potter, strategist at IG
Markets.
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