Strong growth data out of Britain prompts the worst daily selloff for months
European stocks slide and US dollar hits highs
New York — Strong growth data out of Britain prompted the worst daily selloff in gilts for months and pushed yields on the world’s benchmark bonds higher on Thursday, as expectations eased for a Bank of England interest rate cut. In the US, stock market losses led by Comcast and consumer discretionary stocks were offset by gains in the healthcare sector, while European stocks slid and the US dollar hit highs against the Swedish crown and Japanese yen. Official data showed that Britain’s economy slowed only slightly in the three months after it voted to exit the European Union. It grew by 0.5% between July and September, a touch less than the second quarter’s 0.7%, but tempering fears about an immediate economic impact following the Brexit decision. Britain’s 10-year government bond was up 12 basis points to yield 1.27%, on track for its biggest daily rise since June 2015. German and US equivalents rose to their highest since early June at 0.19% and 1.86%, respectively. "The stronger...
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