World stocks try to find their feet after tech stocks’ battering
Wall Street is set for bounce after Tuesday’s bruising rout of tech shares, as focus moves to Italy and the European Commission
London — World stocks attempted to steady on Wednesday following a bruising Wall Street session that wiped $1-trillion off the value of leading US tech shares, while oil prices staged a modest rebound after slumping to one-year lows. US shares were set to open sharply firmer, futures indicated, after two days of losses that wiped out the S&P 500’s gains for the year and left the tech-heavy Nasdaq index teetering on the brink of falling into the red. Losses have been concentrated in the technology sector, as investors lightened holdings of FAANG shares — Facebook, Apple, Amazon, Netflix and Google — the group that had propelled the Wall Street’s decade-long bull market. The falls saw the Nasdaq index touch seven-month lows and energy shares, too, had dropped in line with a 6% oil price slump. That fed through to Asia on Wednesday, taking MSCI’s index of Asia-Pacific shares, excluding Japan, almost 0.5% lower, but it clawed back some of those falls to trade flat by 9am GMT. MSCI’s all...
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