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Europe midday: Stocks edge higher in cautious trading
Stocks are moving higher at the end of the week, albeit amid palpably cautious trading.
Echoing other traders on Friday, Michael Hewson at CMC Markets UK said: "European markets had a disappointing session yesterday, while US markets rallied modestly before giving up a good chunk of those gains heading into the close."
"That we haven't seen any sort of follow through from last week's gains should be a bit of a worry and probably speaks to a wider concern that the current down move in stocks may not be quite over."
Strategists at Bank of America-Merrill Lynch were of a roughly similar view, pointing out that the previous week's $13.2bn of inflows into equities, reflecting a higher growth/higher rates backdrop, had not been reflected in other flows.
"[...] inflows to deflationary winners of tech, investment grade bonds, emerging market bonds/equities continues.
"Recent 5 months of lower US dollar & higher US bond yields rare (