U.S. stocks were edging lower on Thursday, while European markets were headed toward their ninth straight day of gains.
But on Thursday, data showed producer prices rising 1% in July, above estimates for an increase of 0.6%. Meanwhile, initial jobless claims slipped to 375,000 last week, in line with expectations.
“The data yesterday was encouraging but any signs here that it was a blip could unwind all of yesterday’s good feeling and replace it with anxiety once more,” writes Craig Erlam, senior market analyst at OANDA Europe. “Should the data offer further comfort on the other hand, equities could catch another bid.”
Asian markets, on the other hand, continued to slide on concerns about the spread of coronavirus variants, with the Chinese and Japanese markets down 0.8% and 0.5%, respectively.
was the Chinese market’s biggest decliner, down 11.5% after reports that the country’s banking and insurance regulator would step up scrutiny of online insurance companies
The pan-European STOXX 600 index was stable in midday trading, with London the only market declining, with the
down 0.2%. Insurer
was up 4%, after announcing it would return £4 billion ($5.5 billion) to investors, yielding to pressure from activist investor Cevian.
(MU) fell 6% after getting cut to Equal Weight from Overweight at Morgan Stanley.
(WEN) has gained 3% after getting upgraded to Outperform from In Line at Evercore ISI.
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