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Europe Stocks Drop as Euro Gains: Markets Wrap
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Loading...European stocks started the week firmly on the back foot, with every sector retreating following Friday’s euro surge. U.S. equity futures also fell, the dollar edged lower and gold rose as investors weighed the damage from Tropical Storm Harvey.
Technology shares led the drop in the Stoxx Europe 600 Index, which was under pressure as the single currency extended gains toward $1.20.
With the much-anticipated central-bank meeting now behind them, investors this week will be eager for signs of constructive progress in U.S. politics after comments on Friday from Gary Cohn, director of the National Economic Council, cut through much of the gloom that had been generated by recent White House scuffles. Cohn said in an interview he expects tax reform to pass this year and that he didn’t intend to resign over the president’s reaction to riots in Virginia.
Here are the main moves in markets:
The Stoxx Europe 600 Index declined 0.5 percent as of 8:35 a.m. in London, the lowest in six months on a closing basis.
The U.K.’s FTSE 100 Index declined 0.1 percent, the biggest drop in more than a week.
Germany’s DAX Index fell 0.7 percent.
Futures on the S&P 500 Index dipped 0.2 percent to the lowest in a week.
Currencies
The Bloomberg Dollar Spot Index declined less than 0.05 percent to the lowest in more than two years.
The euro gained less than 0.05 percent to $1.1929, the strongest in more than two years.
The British pound climbed less than 0.05 percent to $1.2885.
Commodities
West Texas Intermediate crude dipped 1 percent to $47.39 a barrel, the lowest in more than a week.
Gold rose 0.5 percent to $1,297.20 an ounce.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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