US stocks opened lower today as data on the labor market came in weaker than expected, giving investors reason to sell with indexes near record levels.
The Dow Jones industrial average fell 32.2 points, or 0.19 percent, to 16,690.14, the S&P 500 lost 4.77 points, or 0.25 percent, to 1,919.47 and the Nasdaq Composite dropped 13.37 points, or 0.32 percent, to 4,220.71.
In turn, European shares were steady in early trade ahead of key macro data for the euro zone as well as expected measures from the European Central Bank to support the region’s economic recovery.
The FTSEurofirst 300 index of top European shares was flat at 1,374.60 points, hovering below a 6-1/2-year high hit on Monday.
Investors awaited an updated figure for the euro zone’s first-quarter GDP, as well as service PMIs, which could shed light on the European Central Bank’s next move.
At its meeting on Thursday, the ECB is widely expected to trim its refinancing rate, send its deposit rate into negative territory and launch a long-term refinancing operation (LTRO) targeted at businesses.
Despite recent economic data pointing to a slower-than-expected recovery for the euro zone, European stocks have been supported by the prospect of fresh intervention from the ECB, with Germany’s DAX hitting a record high earlier this week.
Euro zone peripheral markets have also been rallying on hopes of further measures from the central bank, with Milan’s FTSE MIB index up 14 percent year-to-date and Madrid’s IBEX up 9 percent.
Shares in Tesco rose 1 percent after Britain’s biggest retailer posted a fall in sales that traders said was smaller than some had feared.
Meanwhile, the Nikkei share average rose to a fresh 2-month high in choppy trade on Wednesday as the weak yen supported sentiment toward Japan’s export-driven economy, but gains were limited.
The Nikkei ended 0.2 percent higher to 15,067.96, the highest closing level since April 3. The broader Topix added 0.4 percent to 1,233.95, while the new JPX-Nikkei Index 400 rose 0.5 percent to 11,248.49.
Source: Buenos Aires Herald