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Europe Stocks Slip as Oil Leads Commodity Rebound: Markets Wrap
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Loading...European stocks drifted lower for the first time in three days as gains for mining and energy shares struggled to offset a broader mood of caution.
Gold was poised to snap its six-day losing streak amid a wider commodity bounce.
The Stoxx Europe 600 Index slipped following a raft of corporate results. Companies including Telefonica, UniCredit and Maersk reported good earnings, but the gauge this week climbed to near the highest on record.
Oil rose after posting the biggest advance this year on Wednesday as U.S. crude stockpiles fell by more than twice what had been forecast.
While company earnings and U.S. data are painting a picture of robust global growth and political risk has eased following France’s presidential election, investors are showing a lack of conviction as global equities trade at record-high levels and volatility evaporates.
Here are the key events this week:
* New York Fed President William Dudley will give a speech in Mumbai, a chance for investors to further assess U.S. monetary policy.
* The Bank of England on Thursday publishes its interest-rate decision and quarterly Inflation Report.
* U.S. April retail and CPI figures are on Friday.
Аnd here are the main moves:
* The Stoxx Europe 600 fell 0.2 percent, after gaining 0.2 percent Wednesday to the highest level since August 2015.
* Futures on the S&P 500 slipped 0.1 percent.
Currencies
* The euro added 0.1 percent to $1.0882 as the Bloomberg Dollar Spot Index fell less than 0.1 percent.
* NZD fell 1.3 percent to 68.49 U.S. cents. The Reserve Bank of New Zealand kept its benchmark rate unchanged and said it will keep rates there for an extended period in expectation that inflation will slow.
* The Canadian dollar dropped 0.4 percent after Moody’s Investors Service downgraded six Canadian banks.
Commodities
* Gold added 0.2 percent to $1,221.53 following the longest losing streak since October.
Source: Bloomberg
Junior Trader Stefan Panteleev
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