Global Stocks Stable After Two Days of Gains--Update
June 30 2016 - 4:45AM
Dow Jones News
By Riva Gold
Global stocks mostly stabilized following a two-day bounceback
in risk assets, on track for a subdued end to a turbulent first
half of the year.
Futures pointed to a flat open for the S&P 500 Thursday,
while the Stoxx Europe 600 inched down 0.1% in morning trade. Both
indexes on Wednesday posted their largest two-day gain since
February, as investors continued to parse the impact of the U.K.'s
surprise vote to leave the European Union.
Bank stocks in Europe led losses, a day after the U.S. banking
units of Deutsche Bank AG and Banco Santander SA failed the Federal
Reserve's annual stress tests. The International Monetary Fund
Wednesday also named Deutsche Bank as the riskiest financial
institution in the world as the potential to be the source of
external shocks to the financial system.
Earlier, stocks in Japan and Shanghai closed little changed,
while Hong Kong's Hang Seng Index added 1.8%. Australia's S&P
ASX 200 also rose 1.8%, led by energy and mining shares.
Thursday's moves followed two days of steep gains on Wall Street
and around the world, as stocks rebounded from major losses in the
aftermath of the U.K.'s surprise vote to exit the European
Union.
The U.K.'s export-heavy FTSE 100 index has returned to where it
was before the June 23 vote, though the more-domestically oriented
FTSE 250 Index remains sharply lower, and core government bond
yields remain depressed.
In commodities, Brent crude oil fell 1.1% to $50.77 a barrel
after oil prices posted their biggest gain in over two months. Gold
was down 0.5% at $1,320 an ounce.
In currencies, the pound inched up 0.2% against the dollar to
$1.3470, while the euro was down 0.1% against the dollar at
$1.1115.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
June 30, 2016 05:30 ET (09:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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