Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada
Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in CanadaView Video
Roundtable Discussion; The Future of Mineral Sands
Roundtable Discussion; The Future of Mineral SandsView Video

Latest Share Chat

GLOBAL MARKETS-British data prompts global bond selloff; U.S. stocks flat

Thu, 27th Oct 2016 16:48

* Yields on global benchmark bonds pushed higher

* U.S. dollar hits 7 1/2-yr peak vs Swedish crown

* U.S. stocks flat; Comcast drop offset by healthcare

* Oil rises on draw of crude, OPEC comments (Adds U.S. market open; changes dateline to New York)

By Hilary Russ

NEW YORK, Oct 27 (Reuters) - Strong growth data out ofBritain prompted the worst daily selloff in gilts for months andpushed yields on the world's benchmark bonds higher on Thursday,as expectations eased for a Bank of England interest rate cut.

In the U.S., stock market losses led by Comcast and consumerdiscretionary stocks were offset by gains in the healthcaresector, while European stocks slid and the U.S. dollar hit highsagainst the Swedish crown and Japanese yen.

Official data showed that Britain's economy slowed onlyslightly in the three months after it voted to exit the EuropeanUnion. It grew by 0.5 percent between July and September, atouch less than the second quarter's 0.7 percent, but temperingfears about an immediate economic impact following the Brexitdecision.

Britain's 10-year government bond was up 12 basis points toyield 1.27 percent, on track for its biggest daily rise sinceJune 2015.

German and U.S. equivalents roseto their highest since early June at 0.19 percent and 1.86percent, respectively.

"The stronger (gross domestic data) print in the UK hasgiven further weight to speculation that the BoE will notprovide further stimulus any time soon," said Rabobankstrategist Richard McGuire.

In U.S. equity markets, investors took Qualcomm's deal to buy NXP Semiconductors for about $47billion as a sign of confidence, sending up shares of both.

Despite beating earnings estimates a day earlier, Comcast pulled the S&P and Nasdaq lower, falling as much as2.7 percent following price target cuts from Barclays andDeutsche Bank.

The Dow Jones industrial average rose 17.5 points, or0.1 percent, to 18,216.83, the S&P 500 lost 0.11 points,or 0.01 percent, to 2,139.32 and the Nasdaq Composite dropped 12.85 points, or 0.24 percent, to 5,237.42.

Europe's STOXX 600 slipped 0.06 percent, withdefensive sectors such as healthcare and utilities providing thebiggest boost to the index, underscoring investor caution.

The MSCI all-country world stock index wasdown 0.3 percent.

The U.S. dollar hit its highest in more than seven and ahalf years against the Swedish crown after dovish comments fromSweden's central bank, while the dollar hit a three-month highagainst the yen on expectations for a December Federal Reserverate hike.

The dollar was last up 1.22 percent against the Swedishcrown at 9.0164 crowns after touching 9.0424 crowns, itshighest level since early March 2009.

Oil prices edged higher on a reported drop in U.S. crude oilinventories, and as commitments from Gulf OPEC members assuageddoubts in the market about cooperation from other producers.

U.S. crude rose 65 cents, or 1.32 percent to $49.83 abarrel, while Brent crude added 74 cents, or 1.48percent, to $50.72. (Additional reporting by William Schomberg, Costas Pitas,Abhinav Ramnarayan and John Geddie in London; YashaswiniSwamynathan in Bengaluru; Sam Forgione and Ethan Lou in NewYork; Editing by Bernadette Baum)

Related Shares

More News
2 May 2024 13:48

UK shareholder meetings calendar - next 7 days

1 May 2024 14:50

Barclays to cut jobs in investment banking - reports

(Sharecast News) - Barclays has reportedly kicked off a fresh round of redundancies, cutting "a few hundred roles" at its investment bank as it looks ...

30 Apr 2024 20:30

GM in talks with Barclays to replace Goldman Sachs in credit card partnership -source

NEW YORK April 29 (Reuters) -

29 Apr 2024 10:02

LONDON BROKER RATINGS: Deutsche Bank likes Frasers; Barclays cuts JD

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

26 Apr 2024 16:35

London close: Stocks buoyed by banking, mining positivity

(Sharecast News) - London's equity markets closed positively on Friday, buoyed by gains in the banking sector following better-than-expected results f...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.