{"id":38715,"date":"2017-08-04T05:58:16","date_gmt":"2017-08-04T05:58:16","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=38715"},"modified":"2017-08-04T05:58:16","modified_gmt":"2017-08-04T05:58:16","slug":"stocks-slip-wall-street-eases-dovish-boe-hits-sterling","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/stocks-slip-wall-street-eases-dovish-boe-hits-sterling.html","title":{"rendered":"Stocks slip as Wall Street eases, dovish BoE hits sterling"},"content":{"rendered":"

Stocks slip as Wall Street eases, dovish BoE hits sterling<\/span><\/strong><\/span><\/h2>\n

Stocks slip as Wall Street eases, dovish BoE hits sterling: A gauge of world stocks declined as Wall Street dipped on Thursday, although European shares rallied, while sterling hit a nine-month low against the euro after the Bank of England’s policymakers kept interest rates unchanged.<\/span><\/p>\n

Wall Street declined on a pullback in technology shares, the best performing sector so far in 2017. The S&P tech index fell 0.35 percent. However, the Dow Jones Industrial Average posted slight gains to hold above the 22,000 mark breached for the first time on Wednesday.<\/span><\/p>\n

“When you hit these major milestones it\u2019s not unusual to trade sideways for a few days,” said Phil Blancato, CEO of Ladenburg Thalmann Asset Management in New York.<\/span><\/p>\n

Britain’s FTSE index, up 0.85 percent, led the charge in overseas markets and sterling skidded to its lowest since Nov. 2 at 90.48 pence per euro after the Bank of England kept rates at a record low and cut its forecasts for growth and wages due to Brexit uncertainty.<\/span><\/p>\n

The weaker growth outlook bolstered expectations the British central bank will be less likely to raise rates in the near future.<\/span><\/p>\n

The FTSE notched its biggest daily percentage gain since July 12.<\/span><\/p>\n

Europe’s STOXX 600 recovered from early falls to nudge into positive territory, gaining 0.1 percent. Markets in Italy, up 1 percent, and France, up 0.5 percent, advanced although German stocks dipped 0.2 percent.<\/span><\/p>\n

Among other upbeat news, retail sales in the euro zone increased by 0.5 percent in June from May, well above market expectations of a 0.1 percent rise.<\/span><\/p>\n

The pan-European FTSEurofirst 300 index rose 0.12 percent and MSCI’s gauge of stocks across the globe shed 0.14 percent.<\/span><\/p>\n

The Dow Jones Industrial Average rose 9.86 points, or 0.04 percent, to close at 22,026.1, the S&P 500 lost 5.41 points, or 0.22 percent, to 2,472.16 and the Nasdaq Composite dropped 22.30 points, or 0.35 percent, to 6,340.34.<\/span><\/p>\n

Stocks fell to session lows late in the session after the Wall Street Journal said Special Counsel Robert Mueller has impaneled a grand jury in Washington to investigate allegations of Russia\u2019s interference in the 2016 elections, but quickly recouped those losses.<\/span><\/p>\n

“People have had their selling shoes on, so any good excuse. I don\u2019t know if in a different tape or a different environment this would have been viewed as negatively,” said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.<\/span><\/p>\n

U.S. Treasury yields fell to their lowest since late June in the wake of the Journal report. Benchmark 10-year notes were last up 11\/32 in price to yield 2.2247 percent, from 2.262 percent late on Wednesday.<\/span><\/p>\n

U.S. labor market data showed the number of Americans filing for unemployment benefits fell last week, a positive factor that may keep the Federal Reserve on course to announce plans next month to start reducing its massive bond portfolio.<\/span><\/p>\n

The claims data, however, has no bearing on July’s employment report, which is scheduled to be released on Friday, as it falls outside the survey period.<\/span><\/p>\n

The U.S. dollar held near 15-month lows, giving up slight gains against a basket of major currencies on doubt about the likelihood of a Fed rate hike this year and the grand jury report.<\/span><\/p>\n

The dollar index fell 0.06 percent, with the euro up 0.17 percent to $1.1874. Sterling was last trading at $1.3140, down 0.61 percent against the dollar.<\/span><\/p>\n

Source: <\/span><\/p>\n

http:\/\/www.reuters.com\/article\/us-global-markets-idUSKBN1AJ02E<\/span><\/p>\n

\n\t\t\t
\n\t\t\t <\/div><\/div>\n\t\t