The current recovery in IT stocks represents a false dawn, say US financial analysts.
Since a mid-September low, US tech stocks have seen a 40 per cent rally but this runs ahead of the true value of stocks and could lead to another sharp correction, according to financiers Merrill Lynch.
"There is a real possibility we are looking at a second bubble," said the group's technology strategist, Steve Milunovich.
IT investment in the US has been falling for several months and research from investment group Goldman Sachs rules out a positive upturn until the second half of next year at the earliest.
Despite this, and the index trading at 61 per cent below its peak of early 2000, the technology sector is trading at around 50 times next year's forecast earnings.
Traditionally, US trends are mirrored in Europe but threatened corporate profits could lead to further cuts in IT spend next year.
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