Equity market declines in Asia and Europe, and low Wall Street open, may spoil MSCI’s winning streak
New York — Broad equity market declines in Asia and Europe and a lower opening on Wall Street threatened to spoil the longest winning streak for MSCI’s global stock index since 2003. Japan’s Nikkei index saw a wild 2% swing after hitting its highest since 1992 and Europe’s main indices were firmly in the red as tech and commodity stocks tumbled and as Brexit talks resumed amid low expectations in Brussels. Germany’s 10-year bond yield edged up for the first time in more than a week and the euro and pound were both higher as the long-running saga of US tax reforms weighed on the dollar. In the US, technology stocks dragged down indices amid skepticism over a Republican tax overhaul plan. The Dow Jones Industrial Average fell 77.61 points, or 0.33%, to 23,485.75, the S&P 500 lost 11.03 points, or 0.43%, to 2,583.35, and the Nasdaq Composite dropped 52.50 points, or 0.77%, to 6,736.62. "The stock market has run out of a little momentum," said Société Générale strategist Kit Juckes. "We...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.