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U.S. stocks slip as traders assess earnings, await ECB - BNN Bloomberg

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Stocks slipped and U.S. futures wavered as traders digested a flurry of major earnings and prepared for another jumbo European Central Bank rate hike later Thursday.

The Stoxx Europe 600 Index edged lower, with Credit Suisse Group AG sliding more than 15 per cent after the bank reported its fourth straight loss. Shell Plc gained after posting its second-highest profit and raising its dividend.

“We are oriented with consensus, expecting a big hike of 75 basis points” from the ECB, Monica Defend, head of the Amundi Institute, said on Bloomberg Television. “We think they will continue being hawkish until December and then with the beginning of the new year, they might review or slow down a little bit the pace. Yesterday the Central Bank of Canada surprised the market with their final hike -- we think the ECB will remain bold.

The yen climbed to around 145.70 per dollar, extending its rally to more than four per cent from a three-decade low reached Friday. The offshore yuan gave up some of Wednesday's gains. Oil fluctuated after touching the highest level in about two weeks after U.S. Secretary of State Anthony Blinken said a deal with Iran would be unlikely to advance in the short term.

 

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