Shares, dollar dip as limp results, impeachment inquiry offset trade hopes
By Stephen Culp LONDON (Reuters) - Shares in Europe dipped, Wall Street backed off record highs and the U.S. dollar was poised to extend a three-day losing streak as underwhelming earnings and uncertainty over an ongoing U.S
By Stephen Culp
LONDON (Reuters) - Shares in Europe dipped, Wall Street backed off record highs and the U.S. dollar was poised to extend a three-day losing streak as underwhelming earnings and uncertainty over an ongoing U.S. impeachment inquiry overshadowed hopes for a U.S.-China trade deal.
The U.S. benchmark S&P 500 index was nominally lower and Home Depot Inc
Talks continued between the world's two largest economies on an interim deal towards resolving their 18-month, market-rattling trade dispute that has damaged supply chains and upset global markets, even as Washington is set to impose a new round of tariffs on Chinese goods on Dec. 15.
But as the impeachment hearings in the U.S. House of Representatives gained momentum, the end game of the U.S.-China trade war grew increasingly foggy. The inquiry focuses on a July 25 phone call in which President Donald Trump asked Ukrainian President Volodymyr Zelenskiy to carry out two investigations that would benefit him politically.
"There's a lot of pontification that (President Trump) needs a trade deal," said Robert Pavlik, chief investment strategist, senior portfolio manager at SlateStone Wealth LLC in New York. "And given the impeachment that's going on phase 1 is likely but he can't give up too much or he'll lose face."
"The impeachment inquiry is being paid special attention to by the Chinese," Pavlik added. "It puts the president in a less powerful position. He's somewhat disarmed and they know he has to reach some kind of agreement to get re-elected."
The Dow Jones Industrial Average <.DJI> fell 79.52 points, or 0.28%, to 27,956.7, the S&P 500 <.SPX> lost 2.73 points, or 0.09%, to 3,119.3 and the Nasdaq Composite <.IXIC> added 12.52 points, or 0.15%, to 8,562.46.
Hopes of a trade truce earlier in the day drove European stocks to a four-year high and world stocks to their highest in nearly two years, but those gains were pared later in the session.
The pan-European STOXX 600 index <.STOXX> lost 0.06% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.01%.
Emerging market stocks rose 0.42%. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> closed 0.64% higher, while Japan's Nikkei <.N225> lost 0.53%.
Long-dated U.S. Treasury yields slipped for the seventh straight day as risk appetite weakened.
Benchmark 10-year notes
The 30-year bond
The dollar was nominally lower against a basket of major world currencies, giving up early gains. The dollar index <.DXY>, tracking it against six major peers, fell 0.02%, with the euro
The Japanese yen strengthened 0.12% versus the greenback at 108.56 per dollar, while Sterling
The protracted trade negotiations continue to weigh on crude prices, with Brent crude oil futures dipping below $62 per barrel.
Three-month aluminium on the London Metal Exchange
(Reporting by Stephen Culp; additional reporting by Tom Wilson in London; Editing by Bernadette Baum)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
(Reuters) - Budget airline easyJet on Wednesday reported a bigger loss for the first half as it took a 160-million-pound hit ($199 million) from failed fuel hedging as the COVID-19 pandemic brought global air travel to a virtual standstill. The London-listed company reported a pretax loss of 353 million pounds for the six months ended March 31 from a loss of 272 million pounds last year. Revenue rose 1.6%, though easyJet took a hit from strikes in France, and storms Ciara and Dennis.
FRANKFURT (Reuters) - Bayer AG on Wednesday said it agreed to settle U.S.
KHARTOUM (Reuters) - Sudan will create a trade financing fund with a portfolio of $2 billion to aid the import and export of key commodities such as wheat, the Finance Ministry said, as the supply of foreign currency in circulation dwindles. Sudan's economy is at risk of freefall, hammered by an inflation rate of more than 100% and frequent shortages of bread, fuel and medicine. The country's currency has also fallen to a record low of 150 Sudanese pounds to the dollar on the black market compared with 55 at the official rate