Stocks Wobble After Fed Signals Pause in Further Rate Cuts
October 31 2019 - 6:08AM
Dow Jones News
By Caitlin Ostroff
Global stocks were mixed and the dollar weakened Thursday after
the Federal Reserve signaled a pause in further interest-rate
easing following its third cut this year.
U.S. stock-index futures were largely flat, following a modest
climb in the S&P 500 index Wednesday. The WSJ Dollar Index,
which tracks the greenback against a basket of 16 currencies, fell
0.2% following the Fed's policy statement, which signaled a higher
hurdle for rate reductions after the latest move.
The U.K.'s FTSE 100 gauge and the pan-European Stoxx Europe 600
index wobbled between gains and losses as investors awaited
preliminary eurozone figures for gross domestic product, consumer
inflation and unemployment.
Shares in Peugeot maker PSA Group were among the worst
performers in Europe, dropping 8.8% following the auto maker's
agreement to merge with Fiat Chrysler Automobiles in a deal that
will create one of the world's largest auto makers by volume.
Fiat shares climbed 9.7% in Milan, while shares of rival Renault
slumped 2.7%.
Royal Dutch Shell shares trimmed 2.8% after the oil giant
expressed uncertainty over the pace of it completing its $25
billion share buyback, raising doubt over whether the program would
be finished by the end of 2020.
In Asia, the Shanghai Composite edged down 0.4% after data
showed Chinese manufacturing activity fell to an eight-month low in
October, in yet another signal that the world's second-largest
economy is under pressure.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com
(END) Dow Jones Newswires
October 31, 2019 05:53 ET (09:53 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Fiat Chrysler Automobile... (NYSE:FCAU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fiat Chrysler Automobile... (NYSE:FCAU)
Historical Stock Chart
From Apr 2023 to Apr 2024