Trade and Fed rate worries offset $50 billion M&A deal news, sapping stocks' strength

Germany’s Volkswagen provided a reminder of slowing global demand, cutting its 2019 sales outlook,. Its shares slipped 0.7%.

That has taken world stocks almost 3% higher this month while expectations of more U.S. rate cuts after this month have faded, lifting U.S. Treasury yields to six-week highs while German yields are set for their biggest monthly rise since Jan 2018 US10YT=RR DE10YT=RR. But the rally has stalled amid the uncertain outlook for trade, economic growth and company profits while optimism over Britain averting a no-deal exit from the European Union has been replaced by trepidation over the calling of a snap election.

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