Premarket: Global stocks retreat after record highs

World stocks retreated from record highs on Thursday, as the feel-good factor of slowing U.S. inflation and somewhat comforting Fed signals made way for a fresh bout of politics- and tariffs-induced weakness in Europe.

A drop in bank stocks as well not only pointed to the market’s changed outlook on rates but also the uncertainty caused by this week’s sharp swing to the right in EU elections and France’s decision to call a snap parliamentary election. “And protectionism is something that got quite a bit of traction during the EU elections campaigns,” he added.

Wall Street futures were pointing to further gains there later, with the S&P expected to open 0.2 per cent higher and the Nasdaq 0.6 per cent better off. The closely watched CPI report earlier in the day had showed core U.S. prices growing at their slowest annual pace in over three years last month and analysts also took the view that those figures wouldn’t have been ready in time for the Fed’s forecasts.

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