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Asian shares slip after ECB disappointment, oil prices jump
BAD OUTLOOK: Tractor Supply slumped 15.6 percent after the farm equipment retailer said its business is being hurt by cuts in oil, gas and coal production, declining outlays by farmers and weak spending on wood stoves and heating fuel for this fall and winter. The stock was the biggest decliner in the S&P 500 index, shedding $14.02 to $69.51.
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ROUGH REPORT: Pier 1 Imports tumbled 15.7 percent after the home decor retailer gave weak quarterly guidance and said its president and CEO will be leaving the company at the end of the year by mutual agreement with the board. The stock slid 72 cents (£0.53) to 4.08 dollars (£3.07).
Petroleum-linked stocks rose with oil prices.
MSCI’s all-country world index.MWD00000PUS dipped 0.12 percent after touching a 13-month high in the prior session. That was beneath expectations for 1.7 percent and down from 1.8 percent in July. Benchmark U.S. crude shed 57 cents to $47.05 a barrel in NY.
The euro EUR= gained ground after Draghi’s comments, hitting a two-week high of $1.1326 before paring gains to trade up 0.15 percent at $1.1254.
Several analysts said that despite Draghi’s more confident tone, the European Central Bank would eventually have to take more stimulus action at its October or December meetings. “There’s nothing in the way of stocks grinding higher”, he said, adding he’s advising clients to invest in growth-oriented sectors, such as information technology and consumer discretionary.
President Mario Draghi attends a news conference at the European Central Bank headquarters in Frankfurt, Germany September 8, 2016. He urged governments to do their part.
Despite Mr Draghi’s more confident tone, the European Central Bank will have to take more stimulus action at its October or December meetings, analysts said.
But its untested and often controversial unconventional measures are still seen as insufficient, so the European Central Bank is widely expected to provide even more stimulus before the end of the year as governments have for years failed to do their part to lift growth. France’s CAC-40 was down 0.4 percent at 4,541 while Germany’s DAX fell 0.6 percent to 10,690. The FTSE 100 index of leading British shares was up 0.2 percent. Earlier, a report showing that imports rose in China last month for the first time since late 2014, while a contraction in exports narrowed, helped lift some markets in Asia.
The French 10-year bond yields, which moves inversely to its price, rose 2-1/2 basis points to 0.186 percent, Irish 10-year bonds yield climbed 1 basis point to 0.423 percent, Italian equivalent ticked 1-1/2 basis points higher to 1.168 percent, Netherlands 10-year bonds yield climbed 2-1/2 basis points to 0.073 percent, Portuguese equivalents inched 3-1/2 basis points higher to 3.098 percent, Spanish 10-year bonds yield bounced 1-1/2 basis points to 1.003 percent by 09:20 GMT.
India’s Sensex was losing 0.6 percent, Indonesia’s Jakarta Composite was tumbling 1.5 percent, Singapore’s Straits Times index was down about 0.9 percent and the Taiwan Weighted lost 1.1 percent. Heating oil added 6 cents, or 3.9 percent, to $1.48 a gallon. The benchmark Kospi fell 25.86 points or 1.25 percent to 2,037.87.
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Gold was last at $1,334 an ounce, down 0.3 percent on the day but still up 0.7 percent this week, the biggest weekly gain in six weeks. Copper held steady at $2.10 a pound. In currency markets, the dollar strengthened to 102.40 yen from 101.75 on Wednesday. After gaining around a cent in value on Tuesday in response to disappointing U.S. news, the pair trended sturdily in the region of 1.1245 on Wednesday and reached a two-week-high of 1.1277 on Thursday morning.