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European Factors to Watch-Shares set to fall after strong rally
September 17, 2012 / 5:48 AM / 5 years ago

European Factors to Watch-Shares set to fall after strong rally

LONDON, Sept 17 (Reuters) - European stocks were set to fall on Monday,
retreating from strong gains in the previous session on the back of a stimulus
move by the U.S. Federal Reserve's, with shares seen as "overbought" and
investors expected to take profits.
    The Euro STOXX 50 index's 14-day relative strength index (RSI)
was at 69 - just below 70, which is considered 'overbought' and often triggers a
sell-off. The index rose 2 percent on Friday and is up more than 26 percent
since a low in June, mainly on expectations of central bank stimulus measures.
    Financial spreadbetters expected Britain's FTSE 100 to open 29-33
points lower, or as much as 0.6 percent, Germany's DAX to fall 39-43
points, or as much as 0.6 percent, and France's CAC-40 to drop 18-21
points, or as much as 0.6 percent.
    The FTSEurofirst 300 index of top European shares ended 1.3 percent
higher at 1,120.15 points on Friday, a level not seen since July 2011, on 153
percent of the 90-day average volume. It has gained 18 percent since a low in
June and is up nearly 12 percent so far this year.
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     MARKET SNAPSHOT AT 0533 GMT                                   
                                                 LAST     PCT CHG    NET CHG
     S&P 500                                 1,465.77       0.4 %       5.78
     NIKKEI                                  9,159.39      1.83 %     164.24
     MSCI ASIA EX-JP                                       0.36 %       1.86
     EUR/USD                                   1.3134      0.05 %     0.0007
     USD/JPY                                    78.33     -0.06 %    -0.0500
     10-YR US TSY YLD                           1.870          --       0.00
     10-YR BUND YLD                             1.708          --       0.00
     SPOT GOLD                              $1,775.09      0.32 %      $5.63
     US CRUDE                                  $99.16      0.16 %       0.16
 
    * Stocks firm, dollar sags after Fed-inspired rally          
    * Nikkei strikes 3-week high; Fed euphoria lifts cyclicals   
    * Wall Street ends at multi-year highs on Fed                
    * Dollar pinned down by Fed, euro near 4-month high          
    * Brent crude up for 8th day near $117                       
    * Gold hovers near highest in almost 7 months after Fed      
    * LME copper eases; but stays near 4-1/2 mth top on Fed move 
    * Bonds sag as Fed move raises inflation jitters

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