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Yesterday saw another strong down day for European markets, and even though we have seen new record highs for the DAX and Stoxx600 this week, the overall direction of travel for stocks over the past few weeks has been rather uncertain.
The lack of follow-through on this week’s new highs in Europe, as well as the US, appears to speak to uncertainty about a trifecta of factors, the continued increase in virus cases, the pace of recovery which appears to be slowing, and the concerns that the rise in inflation may well not be as transitory as central bankers would like.