World stocks paused on Monday after a strong recent run, as potential flashpoints including a crucial Brexit summit and central bank meetings loomed, and investors began to look ahead to an earnings season that may be disappointing.
German exports and imports both fell more than expected in February, data showed on Monday, in the latest sign that Europe’s largest economy will likely have meager growth in the first quarter amid increased headwinds from abroad.Globally, stock markets have had a stellar first quarter. The MSCI All-Country World index had its best quarter in more than eight years.
The European Central Bank will update the market on Wednesday, the same day as a crucial European Union Summit on Brexit, while China and the EU will hold a summit on trade on Tuesday.“European institutions will be under the spotlight in the coming days as they attempt to display proactivity in trade negotiations, on Brexit and in monetary policy,” wrote economists at Swiss private bank Landolt & Cie in a note to clients.
“Q1 will definitely not be a good quarter for corporates, and it might well be that the market turns back to fundamentals whereas a lot of hope on China/U.S. trade deals and developments on the interest rate front had driven markets up year-to-date,” said DWS’ Weidenbach.The dollar slipped 0.1 per cent to 97.269 against a basket of currencies. The euro inched up 0.1 per cent, but hovered near a one-month low at $1.1229 ahead of the ECB meeting later this week.
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