US stocks, Europe equities fall as oil and dollar slip

Emerging-market shares gained amid speculation China will boost stimulus

US stocks fell, while European equities dropped from a record as oil declined for the first time in six days and Greek bonds weakened. Emerging-market shares gained amid speculation China will boost stimulus.

The Standard & Poor’s 500 Index lost 0.2 per cent at 9.49am in New York, after closing 0.5 per cent below an all-time high. Energy shares slipped 0.8 per cent to pace declines. The Stoxx Europe 600 Index dropped 0.8 per cent. Greece’s 2017 note yield increased to the highest since the height of the euroarea debt crisis. The Bloomberg Dollar Spot Index slid for a third day. Oil in New York dropped 1 per cent after Opec reported a surge in Saudi production. The MSCI Emerging Markets Index advanced 1.4 per cent.

The dollar slipped as reports showed US housing starts rose less than forecast in March while initial jobless claims unexpectedly gained last week, adding to signs growth is losing momentum. Netflix Inc rallied 13 per cent on higher subscriber numbers, while a weak sales forecast sent SanDisk Corp. lower by 7.5 per cent.

“We’re right up near the all-time highs in the S&P, and sometimes you take a breather before you break through those levels,” Matt Maley, an equity strategist at Miller Tabak & Co in Newton, Massachusetts, said by phone.

“The decline in oil is certainly having an impact. European stocks have had this unbelievable rally in a short amount of time, and now it’s overbought and due for a pullback.”