Reuters - Global Markets: Shares Lose Momentum [View All]

[Xipe Totec]

The Sucker's rally is over already.

LONDON (Reuters) - The relief rally seen in global stock markets after the U.S. elections passed off without a hitch lost momentum on Thursday, as European shares fell and Wall Street prepared for an expected flat opening.

Hopes for a post-election recovery in the dollar were also dashed as the U.S. currency hit a nine-year trough against a basket of currencies.

It also flirted with its weakest-ever level against the euro, despite an assertion from European Central Bank President Jean-Claude Trichet that U.S. policy still favored a strong dollar and that disorderly moves remained undesirable.

(snip)

And what was negative for the dollar was positive for dollar-denominated spot gold prices, which rose to their highest level since December 1988 as funds piled into the yellow metal.

http://story.news.yahoo.com/news?tmpl=story&cid=580&e=3&u=/nm/20041104/bs_nm/markets_global_dc