Friday, 28 October 2016

British data Prompts Global Bond sell-off; Wall Street Falls

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Strong growth data out of Britain prompted the biggest daily sell-off in government debt for months and pushed yields on the world's benchmark bonds higher on Thursday, as expectations eased for a Bank of England interest rate cut.

 The bond sell-off gained momentum in the United States after upbeat jobless claims data pointed to another robust nonfarm payrolls number next week. Wall Street closed lower, dipping in a choppy session after the latest round of earnings reports. 

Losses in Comcast and consumer discretionary stocks offset gains in the healthcare sector, while European stocks slid and the US dollar advanced against the Swedish crown and Japanese yen. Official data showed that growth in Britain's economy slowed only slightly in the three months after it voted to exit the European Union. 

It grew 0.5 percent between July and September, a touch less than the second quarter's 0.7 percent, enough to temper fears about an immediate economic impact following the Brexit decision.

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