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Morning Market Update: US Streak Snapped

Global stocks retreated overnight on signs of a declining global economy and amid calls for reduction in the Fed stimulus. European stocks fell from their highest level in almost six weeks as German investor confidence unexpectedly dropped this month.

The Stoxx 600 Index dropped by 0.7% to 295.3. The gauge rallied 5.6% in the past three weeks on optimism that central banks around the world will continue to support economic recovery.

In London, the FTSE 100 shed 30 points (-0.5%) to settle at 6556 while the German DAX dropped 34 points (-0.4%) to close trading at 8201.

U.S. stocks fell, halting the longest rally in the S&P 500 since January, as Coca-Cola Co.’s profit dropped and as a Federal Reserve official called for cuts to stimulus.

The S&P 500 fell by six points (-0.4%) to 1676 after rising eight straight sessions to a record close the previous session. The Dow Jones lost 32 points (-0.2%) to settle at 15452.

Crude oil fell for the first time in three sessions as U.S. stocks declined and Federal Reserve Bank of Kansas President Esther George said that the central bank should taper its asset-buying soon. Oil for August delivery slid by 32 cents to settle at $106 a barrel on the New York Mercantile Exchange.

Gold futures gained for the sixth time in seven sessions as the U.S. dollar’s drop increased demand for the metal as alternative investment on speculation that the Federal Reserve will maintain its monetary stimulus.

Bullion for August delivery gained 0.5% to settle at $1,290.40 an ounce on the Comex in New York. The Melbourne Institute will release its monthly MI Leading Index report today, at 10:30 am.

Morning Market Update: US Streak Snapped is a post from: Australian Stock Report Market Pulse Blog