The major US stock indices traded little changed, but bourses in Europe fell as a three-day rally ran out of steam. — Reuters pic
Initial claims for state unemployment benefits fell 249,000 to a seasonally adjusted 1.186 million for the week ended August 1, the US Labour Department said, the lowest reading since mid-March. “It puts us right where the Fed wants to be, right where you'd want to be, if you're thinking Washington needs to get stimulus done,” Abbasi said. “You don't want them to be too encouraged by better data to slow their approach.”
The major US stock indices traded little changed, but bourses in Europe fell as a three-day rally ran out of steam. The euro climbed to its highest against the dollar since May 2018 before paring some of its gains. The euro was up 0.13 per cent to US$1.1877 . The British pound rose to a five-month high against the dollar after the Bank of England left interest rates at 0.1 per cent and warned about possible risks from taking rates below zero.
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