LONDON - World stocks were stuck in their worst run of the year and bonds were on the rise on Thursday, as investors waited for confirmation that the European Central Bank will start shoveling cheap cash at the euro zone again.
Italy’s government bonds rallied to a 7-month high while its banks, which used the biggest share of the previous round of cheap central bank loans, rose 0.1 percent but remained below the highs hit in the previous session. Japan’s Nikkei average fell 0.7 percent, while Hong Kong’s Hang Seng shed 0.7 percent and Chinese blue-chips snapped a four-day winning streak as the boost from new stimulus plans there ran into the sand.
Other U.S. data out on Wednesday suggested some slowing in the labor market, though the pace of job gains remains more than enough to drive the unemployment rate down. The Canadian and Australian dollar sank to two-month lows on Wednesday as traders scaled back holdings on expectations policy-makers would leave interest rates alone in the foreseeable future or even lower them to counter their softening economies.
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