World stocks down for fourth consecutive day, but Germany is on the up
New York — World stocks were down for the fourth day in a row on Tuesday, but strong economic growth in Germany boosted the euro to an almost three-week high. Wall Street was lower on weak oil prices, uncertainty about US tax policy and the economy’s ability to deal with more interest-rate hikes. European stocks fell to a two-month low. US treasury two-year note yields climbed to a nine-year peak while long-dated debt yields fell, flattening the yield curve flattened for a second straight day, while investors braced for a Federal Reserve December rate hike. In Germany, a 0.8% third-quarter growth reading beat forecasts and showed the economy expanding at annualised rates of more than 3%. "It’s been a euro trade today, and it’s stronger against just about everything," Brad Bechtel, MD of forex at Jefferies in New York, said. "The numbers out of Germany were pretty good last night." The dollar index fell 0.45%, with the euro up 0.81% to $1.1759. On Wall Street the defensive utilities ...
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