By Lewis Krauskopf
NEW YORK (Reuters) – A gauge of world shares fell for a 3rd consecutive day on Friday amid uncertainty about world financial progress and commerce tensions, posting its first weekly drop this 12 months, whereas the U.S. greenback tallied its strongest week since August.
MSCI’s gauge of shares throughout the globe shed 0.35 % on the day, and dropped for the week following six consecutive weekly will increase. Still, Wall Street’s fundamental fairness indexes rallied late within the day on Friday, with the benchmark S&P 500 ending marginally constructive.
Investors had been digesting financial and commerce developments from Thursday, when the European Commission sharply minimize its forecast for euro zone progress this 12 months and subsequent and U.S. President Donald Trump mentioned he didn’t plan to fulfill with Chinese President Xi Jinping earlier than a March 1 deadline to realize a commerce deal.
“Right now, the focus really is on China,” mentioned Mark Otto, world markets commentator for GTS in New York. “The market doesn’t like uncertainty, and it seems to be in abundance at this particular time.”
The Dow Jones Industrial Average fell 63.27 factors, or 0.25 %, to 25,106.26, the S&P 500 gained 1.83 factors, or 0.07 %, to 2,707.88 and the Nasdaq Composite added 9.85 factors, or 0.14 %, to 7,298.20.
Analysts now anticipate first-quarter earnings for S&P 500 firms to say no 0.1 % from a 12 months earlier, which might be the primary such quarterly revenue decline since 2016, in response to IBES information from Refinitiv.
“The sentiment continues to be investor anxiety about U.S.-China trade relations, the slowing global growth, and I think this week what is starting to really creep into investors’ anxiety is around corporate earnings,” mentioned Michael Arone, chief funding strategist at State Street Global Advisors in Boston.
The pan-European STOXX 600 index misplaced 0.56 %.
The greenback edged greater in opposition to a basket of currencies, and had its strongest weekly achieve in six months, as merchants piled into the buck in a safe-haven transfer on worries a few weakening world financial system.
The greenback index rose 0.13 %, with the euro down 0.17 % to $1.1321.
“The rally that propelled the dollar broadly higher last year has enjoyed renewed life with U.S. growth remaining solid while peers abroad lose momentum,” mentioned Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
U.S. Treasury yields fell for a fourth straight session.
Benchmark U.S. 10-year notes final rose 6/32 in worth to yield 2.6339 %, from 2.654 % late on Thursday.
Oil costs had been little modified on the day, however fell for the week on renewed issues about slowing world demand.
U.S. crude settled up 0.2 % at $52.72 per barrel and Brent settled at $62.10, up 0.eight %.
(Additional reporting by April Joyner and Richard Leong in New York and Ritvik Carvalho in London; modifying by Phil Berlowitz, Leslie Adler and Bill Berkrot)
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