Global shares drop
On Thursday European shares dropped the most since a global rout three weeks ago following sharp declines in the U.S. and Asia. Treasury yields fell to a two-week low as traders awaited a second appearance from Federal Reserve Chairman Jerome Powell, whose comments riled markets earlier this week.
S&P 500 Index futures signaled the underlying gauge will extend declines after the worst monthly loss in two years. Retailers and media companies were among the biggest losers in the Stocks Europe 600 Index as some earnings missed estimates and manufacturing data showed mounting signs growth momentum may have peaked. Spot gold headed for the lowest close this year and the dollar advanced for a fourth day.
Elsewhere, the U.K. pound extended a decline after the European Union published a draft Brexit treaty, squaring off with Prime Minister Theresa May. The Australian dollar dropped after business investment unexpectedly fell in the final three months of last year.
Aluminum headed lower with President Donald Trump set to announce steep import tariffs on Thursday. West Texas Intermediate crude retreated for a third day.
The Stoxx Europe 600 Index fell 1.1 percent as of 11:24 a.m. London time, the lowest in more than two weeks on the biggest fall in almost three weeks. The MSCI All-Country World Index fell 0.4 percent to the lowest in more than two weeks. Futures on the S&P 500 Index declined 0.1 percent to the lowest in more than a week. The U.K.’s FTSE 100 Index decreased 0.6 percent to the lowest in more than two weeks.
West Texas Intermediate crude dipped 0.6 percent to $61.26 a barrel, the lowest in two weeks. Gold fell 0.6 percent to $1,310.46 an ounce, the weakest in two months. LME aluminum declined 0.3 percent to $2,125.50 per metric ton, the lowest in more than two weeks.
This article was compiled by BOV Asset Management Limited, a member of the BOV Group. BOV Asset Management,TG Complex, Suite 2, Level 3, Brewery Str., Mriehel BKR 3000. Email: infoassetmanagement@bov.com Internet address: www.bovassetmanagement.com. BOV Asset Management is licensed by the MFSA.