Scoreboard: Tech glitch

Equities were dealt a blow on both sides of the Atlantic as doubts over bloated US tech stocks and a resurgence in Ukraine tensions weighed.

Sentiment took another hit overnight, although there wasn’t too much in the way of real news or dataflow to cause it. Indeed data was light overall, but quite positive. Geopolitical tensions flared, fair to say, and that obviously would have weighed. The fact is though the protests by pro-Russians in Eastern Ukraine have been going on for weeks and aren’t that large -- a few hundred here or there according to reports. The difference this time is that Russian protesters were allowed to enter government buildings and of course make very public calls for a referendum or Russian assistance.

Instead, this latest deterioration in markets looks to be a tech stock event, on a view that valuations are stretched. We’ll find out soon as the US earnings season kicks off this week.

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