Stocks sell off as US data sparks worry, yields plunge

NEW YORK/LONDON, Aug 1 - Global equities dropped on Thursday, with Wall Street's major indexes selling off as U.S. data sparked economic worries about and financial stocks in Europe saw their biggest one-day rout since March 2023.

The Federal Reserve held interest rates steady on Wednesday but opened the door to a cut in September. The Bank of England stole a march on the U.S. central bank on Thursday by lowering borrowing costs by a quarter-point in a narrow 5-4 vote. "Today's selloff isn't about earnings. It's about whether the Fed sees what the data is saying," said Quincy Krosby, chief global strategist for LPL Financial in Charlotte, North Carolina.

"The fact that some heavyweights are cutting guidance does not bode well going forward and might well explain why European markets are underperforming," said Stephane Ekolo, equity strategist at TFS Derivatives. Emerging market stocks , held onto gains, or 0.10%, to 1,085.84. MSCI's broadest index of Asia-Pacific shares outside Japan , closed 0.54% higher at 568.59.

"It's early but the fact we haven't really seen the rally continue suggests that markets may be trying to catch some breath before tomorrow's payrolls report."

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