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Stocks Drop as Markets Remain Fragile

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European equities fell, tracking markets lower in Asia, as concern about local government debt in China and hawkish language from a U.S. central banker put traders in a risk-off mood.

The Stoxx 600 index dropped 0.8 per cent, snapping two days of gains and trimming its fourth weekly advance in five. U.S. equity futures edged lower and the 10-year Treasury yield near 4 per cent. The British pound led gains among G10 currencies against the dollar after the strongest quarterly growth in more than a year.

“There may be other accidents waiting to happen as a result of sharply higher rates that we just haven’t seen come through yet,” said Richard Flax, chief investment officer at European digital wealth manager Moneyfarm. “Policymakers seem to be trying to signal to investors that they may be too optimistic to be looking for early rate cuts.”

In currencies, the Bloomberg Dollar Spot Index was flat after rising Thursday. The greenback is set for a fourth week of gains, the longest such streak since February. In commodities, oil was on track to end the week little changed, after touching the highest since November in recent days, as the International Energy Agency’s monthly snapshot pointed to a robust market.Virgin Galactic Holdings Inc. gained after the company said it aims to launch its next space tourist mission in early September.

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