NEW YORK, ― A gauge of global equities posted its seventh consecutive month of gains and a record closing high yesterday, but stocks and the dollar mostly ended the day little changed after US and Chinese economic data suggested slower growth ahead.
China's businesses and the broader economy came under increased pressure in August as factory activity expanded at a slower pace and the services sector slumped into contraction. In Canada, the economy unexpectedly shrank 1.1 per cent in the second quarter on an annualized basis. Investors are taking some risk off the table after the US and Chinese economies, the world's two largest, showed signs of short-term weakness, said Edward Moya, senior market analyst at foreign exchange brokerage OANDA.
MSCI's all-country world index eked out a third straight record closing high, ending up 0.06 per cent at 741.27, and also made August its seventh month of consecutive gains. The dollar slipped to its lowest level in more than three weeks against a basket of currencies as investors awaited US jobs data on Friday that could shape future Fed monetary policy. The greenback later pared losses to trade little changed.
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