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U.S. stocks retreat after Wall Street rally; yen drops - BNN Bloomberg

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Global stocks ceded earlier gains, as data showing economic resilience and persistent inflationary pressures cemented expectations of further interest rate hikes in the U.S. and Europe.

Europe's Stoxx 600 equity benchmark retreated along with futures on the S&P 500 and the Nasdaq 100 as Amazon.com Inc.'s warning after the market close on growth in its key cloud computing business soured the mood. Japanese stocks bucked the trend, surging as much as 1.5 per cent on the central bank's decision to double down on its commitment to stimulus.

“What looks like sticky contemporaneous inflation remains an issue, preventing the market from getting too carried away on the rate-cutting phase to come in subsequent quarters,”' wrote Padhraic Garvey, head of global debt and rates strategy at ING Financial Markets.

A recovery in banking shares on the back of solid results from bulge-bracket banks also helped to revive risk appetite.

 

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