AFP, New York :
A two-day global stocks rally showed signs of fatigue Thursday as oil prices briefly breached $50 a barrel before pulling back.
Bourses in Paris and Frankfurt mustered 0.7 percent gains, but stock indices in London, New York and Tokyo finished with minor moves.
The pause came ahead of key US economic data Friday and a speech by US Federal Reserve Chair Janet Yellen. Markets were also watching a G7 meeting in Japan.
“In general, we’ve had two very good days in the market … and things are just taking a breather now,” said Sam Stovall, chief investment strategist at S&P Global Market Intelligence.
Analysts said investors were cautious ahead of Friday’s US economic growth data for the first quarter, which could be revised higher from the initial 0.5 percent growth rate, and a speech by Yellen that will be scrutinized for clues about the prospects for hiking interest rates.
Hot-button issues to be discussed at the G7 include rising concerns with an assertive China, the impending British “Brexit” vote and sluggish economic growth.
“Right now we’re kind of in no-man’s-land, and the burden of proof is on the bulls to keep the market going from the last two days,” said Michael James, managing director of equity trading at Wedbush Securities.
Most global equity indices posted strong gains on Tuesday and Wednesday behind a number of factors, including a eurozone deal to unlock bailout funds for Greece, stronger confidence that Britain will vote next month to stay in the European Union and optimism about the US economy.
On Thursday, markets had “one of those quietly solid days where not a lot happens and investors are fine with that, consolidating the highs hit on Wednesday,” Spreadex analyst Connor Campbell told AFP.
Oil prices briefly topped $50 a barrel, a key psychological level following a slump during much of the last two years that pushed the commodity near $25 a barrel in February.
But oil finished slightly under $50 a barrel, and some analysts questioned whether petroleum would rise further from here.
“I think people feel like $50 dollars is a kind of sell-point where the people who’ve made their profits are going to get out of the market,” said Mike Lynch of Strategic Energy & Economic Research.
A two-day global stocks rally showed signs of fatigue Thursday as oil prices briefly breached $50 a barrel before pulling back.
Bourses in Paris and Frankfurt mustered 0.7 percent gains, but stock indices in London, New York and Tokyo finished with minor moves.
The pause came ahead of key US economic data Friday and a speech by US Federal Reserve Chair Janet Yellen. Markets were also watching a G7 meeting in Japan.
“In general, we’ve had two very good days in the market … and things are just taking a breather now,” said Sam Stovall, chief investment strategist at S&P Global Market Intelligence.
Analysts said investors were cautious ahead of Friday’s US economic growth data for the first quarter, which could be revised higher from the initial 0.5 percent growth rate, and a speech by Yellen that will be scrutinized for clues about the prospects for hiking interest rates.
Hot-button issues to be discussed at the G7 include rising concerns with an assertive China, the impending British “Brexit” vote and sluggish economic growth.
“Right now we’re kind of in no-man’s-land, and the burden of proof is on the bulls to keep the market going from the last two days,” said Michael James, managing director of equity trading at Wedbush Securities.
Most global equity indices posted strong gains on Tuesday and Wednesday behind a number of factors, including a eurozone deal to unlock bailout funds for Greece, stronger confidence that Britain will vote next month to stay in the European Union and optimism about the US economy.
On Thursday, markets had “one of those quietly solid days where not a lot happens and investors are fine with that, consolidating the highs hit on Wednesday,” Spreadex analyst Connor Campbell told AFP.
Oil prices briefly topped $50 a barrel, a key psychological level following a slump during much of the last two years that pushed the commodity near $25 a barrel in February.
But oil finished slightly under $50 a barrel, and some analysts questioned whether petroleum would rise further from here.
“I think people feel like $50 dollars is a kind of sell-point where the people who’ve made their profits are going to get out of the market,” said Mike Lynch of Strategic Energy & Economic Research.
