After yesterday’s sharp sell-off on Wall Street and the follow-up selling in Asia Pacific, which saw the Japanese Nikkei suffer its biggest drop since that Monday August 24, some European stock markets have managed to recover from their initial falls. The German DAX index has turned positive while the UK’s FTSE 100 has trimmed its losses to 0.5%, thanks to a sharp rebound in Glencore shares. Undoubtedly, this small recovery in Europe is due first and foremost to profit-taking from the sellers and possibly some bargain hunting on selected companies. Nevertheless, the path of least resistance remains to the downside ... (full story)