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US stock futures, Asian shares steady themselves after European bounce
Which emerging markets are the most promising?
Founder and chairman of Research Affiliates Rob Arnott says now is a good time to shift money into value stocks and into emerging markets outside of the U.S.
TOKYO - U.S. stock futures and Asian shares regained some footing on Tuesday following a small bounce in European shares as investors looked to whether high-flying U.S. tech shares could recover from their recent rout.
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MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2% while Japan's Nikkei .N225 gained 0.4%. U.S. financial markets were shut on Monday for a public holiday while Europe's STOXX 600 index was 1.7% higher.
Globally traded U.S. S&P500 futures EScv1 erased their Monday losses to trade 0.6% higher. Tech shares remained more fragile, however, with Nasdaq futures NQcv1 standing flat after having lost more than 6% late last week.
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While many market players say they cannot pinpoint a single trigger for the Nasdaq’s sudden plunge, valuations have been stretched after its gain of 75% from a bottom hit in March.
Tesla (TSLA.O), the poster child of the euphoria in U.S. big technology stocks with a year-to-date gain of a whopping 400%, looks set to fall after it was excluded from a group of companies that were being added to the S&P 500.