World Stocks Rally Ebbs While Oil Prices Sink
Faizan Hashmi 2 months ago Fri 09th November 2018 | 10:36 AM
New York, Nov 9 (UrduPoint / Pakistan Point News, app - 9th Nov, 2018 ) :A global stocks rally faded on Thursday as the European Union warned of slowing growth and Wall Street pulled back from a post-election bounce.
The dollar strengthened against major rivals after Wednesday's selloff in the wake of the key US midterm elections.
Wall Street also ended mostly lower as investors lost the head of steam from Wednesday's post-election rally, when a split decision in the US vote reassured markets that Congress was unlikely to infringe on the business environment.
"A lot of traders have taken a step back following the post-election surge," said Ken Berman of Gorilla Trades.
Art Hogan of B Riley FBR told AFP investors might have been disappointed the Fed's commentary had still pointed to further "gradual" interest rate hikes.
Analysts at Capital Economics called the eurozone's growth slowdown "a major disappointment," although they said growth could pick up again over coming quarters.
Elsewhere, oil prices fell -- with WTI crude closing lower for the ninth session in a row -- after data showing a surge in US energy stockpiles, although there was some support from reports OPEC could reduce output next year.
But with production now rising globally again -- and Iran sanctions seemingly having little impact owing to US waivers -- Bloomberg news said ministers meeting in Abu Dhabi this weekend were considering a reduction.
- Key figures around 2200 GMT - Oil - Brent Crude: DOWN $1.42 at $70.65 per barrel Oil - West Texas Intermediate: DOWN $1 cents at $60.67 per barrel New York - Dow: FLAT at 26,191.22 (close) New York - S&P 500: DOWN 0.3 percent at 2,806.83 (close) New York - Nasdaq: DOWN 0.5 percent at 7,530.88 (close) London - FTSE 100: UP 0.3 percent at 7,140.68 points (close) Frankfurt - DAX 30: DOWN 0.5 percent at 11,527.32 (close) Paris - CAC 40: DOWN 0.1 percent at 5,131.45 (close) EURO STOXX 50: DOWN 0.3 percent at 3,237.60 (close) Tokyo - Nikkei 225: UP 1.8 percent at 22,486.92 (close) Hong Kong - Hang Seng: UP 0.3 percent at 26,227.72 (close) Shanghai - Composite: DOWN 0.2 percent at 2,635.63 (close) Euro/dollar: DOWN at $1.1364 from $1.1434 at 2200 GMTPound/dollar: DOWN at $1.3063 from $1.3130Dollar/yen: UP at 114.07 Yen from 113.53 yen