A look at the day ahead in European and global markets from Stella Qiu

After relentlessly pushing higher and higher, global share markets seem to have run out of reasons to rally further as investors come to grips with how stretched valuations are.

Wall Street closed lower for a second day and that provided little direction for Asia, with stocks here mostly sticking to tight ranges. Chinese bluechips, however, were an exception, up 0.9%, catching up on the global AI surge.

Europe is also set for a flat open, with EUROSTOXX 50 futures little changed. Wall Street futures were up 0.2%.

Maybe it was month-end or quarter-end rebalancing flows – after all Asian shares have rallied 9% for the quarter and Japan’s Nikkei up 13%. Or it could be more Fed speakers sounding a little cautious on the

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