Global Stocks Slip Ahead of Fed Decision
July 31 2019 - 5:18AM
Dow Jones News
By Lauren Almeida
-- Asian stocks drop, European shares waver
-- Crude prices tick higher
-- U.S. Treasury yields down
European stocks wavered between small gains and losses after a
broad move down in Asia, ahead of a Federal Reserve policy decision
Wednesday when the central bank is expected to cut interest
rates.
The Stoxx Europe 600 was up 0.1%, with gains in construction
largely offset by losses in the real estate and utilities
sectors.
Shares of Next, the British clothing company, notched one of the
biggest rises at 8.8% after it raised its forecast for profit and
sales.
Glanbia PLC, an Irish food-nutrition firm, fell 14% after it
issued a profit warning for 2019 and posted lower first-half
earnings.
Asian stocks were rattled after tweets from President Trump
Tuesday dampened expectations for a breakthrough in U.S.-China
trade talks. Hong Kong's Hang Seng was down by 1.3% and the
Shanghai Composite Index fell by 0.7%.
Shares of Chinese property developers fell after the country's
top leadership vowed not to use the real-estate market as a tool to
arrest an economic slowdown. At a meeting Tuesday, the Communist
Party's top decision-making body reiterated that housing is "used
for living, not for speculation," adding it "will not use real
estate as a short-term means of stimulating the economy."
In the U.S., the yield on the 10-year Treasurys fell to 2.050%
from 2.063% Tuesday. Yields fall when bond prices rise. The WSJ
Dollar Index, which measures the currency against a basket of
peers, was flat.
On the earnings front, General Electric and Qualcomm are among
the large companies due to report Wednesday.
European data on second-quarter gross domestic product and
inflation are also due Wednesday.
Global oil benchmark Brent crude was up 0.7% at $65.09 a barrel,
amid continued tensions in the Middle East and expectations of
lower interest rates in the U.S. Gold edged up 0.1%.
Shen Hong contributed to this article.
Write to Lauren Almeida at lauren.almeida@wsj.com
(END) Dow Jones Newswires
July 31, 2019 05:03 ET (09:03 GMT)
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