NEW YORK, July 23 — A gauge of global stocks fell yesterday to end the trading week on a down note after five straight sessions of gains, while the dollar dipped against a basket of major currencies after soft data on US business activity.
“Everybody is looking for the turn, everybody is trying to guess at when we get a sustained rally, and everybody is hoping for one, but to me there is still a lot of unknown ahead of us.” With 106 of the S&P 500 companies having reported earnings through yesterday morning, 75.5 per cent have topped analyst expectations, below the 81 per cent beat rate over the past four quarters, according to Refinitiv data.
S&P Global yesterday said its preliminary US Composite PMI Output Index had tumbled far more than expected to 47.5 this month from a final reading of 52.3 in June, the first contraction in almost two years. The MSCI index climbed 3.1 per cent for the week. The STOXX 600 notched in biggest weekly percentage gain in two months, in part due to easing concerns over a potential energy crisis.
The Japanese yen strengthened 0.98 per cent versus the greenback at 136.05 per dollar, while Sterling was last trading at US$1.2002, up 0.08 per cent on the day.
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