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NEW YORK (Reuters) - The U.S. debt ceiling comes into effect at the end of July, putting pressure on the Treasury to reduce its cash balance ahead of the deadline. REUTERS/Al DragoWHAT IS THE DEBT CEILING? The debt ceiling is the maximum amount the U.S. government can borrow, as directed by Congress, to meet its financial obligations. It has a target cash balance of $450 billion at the so-called Treasury General Account (TGA) on July 31. It is not allowed to run up its cash balances ahead of the debt ceiling, analysts said, because doing so is viewed as circumventing the borrowing limit.
Persons: Sen, Albert Gallatin, Al Drago, Wrightson ICAP, pare, Wrightson Organizations: YORK, Treasury, Treasury Department, REUTERS, Congress, TREASURY, Analysts Locations: Washington , U.S
REUTERS/Al DragoThe U.S. debt ceiling comes into effect at the end of July, putting pressure on the Treasury to reduce its cash balance ahead of the deadline. WHAT IS THE DEBT CEILING? The debt ceiling is the maximum amount the U.S. government can borrow, as directed by Congress, to meet its financial obligations. It has a target cash balance of $450 billion at the so-called Treasury General Account (TGA) on July 31. It is not allowed to run up its cash balances ahead of the debt ceiling, analysts said, because doing so is viewed as circumventing the borrowing limit.
Persons: Sen, Albert Gallatin, Al Drago The, Wrightson ICAP, pare, Wrightson Organizations: Treasury Department, REUTERS, Treasury, Congress, TREASURY, Analysts, Thomson Locations: Washington , U.S
But the pirates have a silent partner: the United States. Regarding corporate taxation as politically necessary but economically suspect, they have responded to tax evasion by making disapproving noises. Little wonder the United States collects a smaller share of tax revenue from corporations than any other major economy does. It has won the support of other leading economies for an international minimum corporate tax rate. The Biden administration could achieve many of its goals without a deal by legislating changes to U.S. tax law.
Persons: haven’t, Biden Organizations: Republican Party, Senate, Democrats Locations: Luxembourg, Ireland, Bermuda, United States, pare
S&P 500 Pares Gains, Aims for Fresh Record
  + stars: | 2021-06-11 | by ( Caitlin Ostroff | ) www.wsj.com sentiment -1.00   time to read: +1 min
The S&P 500 hugged the flatline Friday but remained on track to notch its third consecutive week of gains. The broad stock-market gauge pared its early advance and slipped less than 0.1% in recent trading, a day after closing at a high. The S&P 500 and Nasdaq are on course for modest weekly gains, while the Dow is poised for a slight loss. The Cboe Volatility Index fell to 15.51 in recent trading, on track to close below 16 for the first time since February 2020, before the coronavirus pandemic rattled markets. Money managers are also weighing whether the rise in inflation is likely to be transitory.
Persons: Biden Organizations: Dow Jones Industrial, Nasdaq, Dow
* More rate hikes this year - Russian central bank* Rouble hits 71.50 after rate hike* Turkish lira cuts gains, last up 0.3%* Dollar edges higher (Recasts after Russian central bank decision)June 11 (Reuters) - Russia’s rouble hit session highs on Friday after the central bank raised its key rate amid rising inflation, while a recovering dollar saw most other emerging market currencies pare some gains. The rouble hit 71.50 after the central bank raised the rate by 50 basis points to 5.50% and said more rate hikes through the year were likely, with inflation above target. Reduced implied volatility also aided inflows into the lira, as did a central bank survey that showed the forecast for 2021 GDP growth had been raised to 4.9% from 4.3%. Stocks in the developing world were also on a stronger footing as investors bought into the U.S. Federal Reserve’s view that a period of higher inflation was transitory. For GRAPHIC on emerging market FX performance in 2021, see tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see tmsnrt.rs/2OusNdXFor TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see
Persons: rouble, , Ima Sammani, Joe Biden’s, Tayyip Erdogan, Erdogan, Naci Agbal Organizations: pare, Monex, U.S, CENTRAL Locations: Russian, Monex Europe, Europe, Turkish, hawkish, South Africa, U.S . Federal
Auto, travel firms weigh on European shares ahead of ECB meeting
  + stars: | 2021-06-10 | by ( Sruthi Shankar | ) www.reuters.com + 0.00   time to read: +2 min
(Reuters) -European stocks slipped on Thursday as automakers and travel stocks fell after a recent run of gains, while investors counted on the European Central Bank to maintain an accommodative policy stance at a meeting later in the day. Automakers fell for the third straight day, while travel and leisure stocks dropped 1.1% following recent gains for the sectors on optimism about economic re-openings. Euro zone stocks fell 0.2% ahead of the ECB’s policy decision and its projections for euro zone economic growth and inflation. The meeting comes as recent data from across the globe point to building inflationary pressures, particularly in commodities, as economies recover from long COVID-19 lockdowns. Euro zone inflation last month exceeded the central bank’s target of just under 2%, a mark it has undershot for most of the last decade.
Persons: Christine Lagarde’s, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, Volkswagen, RBC Capital Markets, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
(Reuters) -European stocks inched to fresh peaks on Thursday as the European Central Bank raised its recovery outlook and promised to keep ample stimulus flowing, while travel stocks fell after a recent run of gains. REUTERS/StaffThe pan-European STOXX 600 index was up just 0.1%, but at a fresh record high of 455.76 points, while the narrower index of euro zone stocks fell 0.1%. The central bank now sees 2021 euro zone economic growth at 4.6%, above the 4% projected in March. “The ECB’s main mission today was to avoid any taper talk and not harm the still tentative economic recovery or allow bond yields to surge prematurely,” said Carsten Brzeski, global head of macro at ING. “It accomplished its mission: the ECB seems to have bought some time without starting the taper talk.”Interest rate-sensitive banking stocks rose 0.4%, while tech stocks rose 0.9%.
Persons: Christine Lagarde, , Carsten Brzeski, pare Organizations: Reuters, European Central Bank, REUTERS, Staff, ECB, ING, Federal Reserve, Volkswagen, BT Group, Altice, Spotify, Apple Music Locations: Frankfurt, Germany
The statistics bureau said that soaring crude-oil, iron-ore and metals prices boosted factory-gate prices last month, and drove China’s imports to the fastest increase in over a decade. “Industrial inflation pressure will likely remain and pose additional risks to economic growth,” Citigroup economists said in a note, adding that there is no quick fix to this round of commodity-led inflation. To rein in prices, Chinese authorities have been zeroing in on the speculative behavior in the futures market that helped fuel the rally in steel and iron-ore prices. China’s consumer inflation has so far remained tame, according to official data released Wednesday. The gap between China’s consumer and producer inflation could complicate policy-making, with the muted consumer inflation possibly constraining the central bank’s ability to tighten monetary policy.
Persons: China’s, — haven’t, , Li Wei, Goldman Sachs, pare, , Emily Cheng, ” Ms, Cheng, Li, Grace Zhu, Bingyan Wang, Stella Yifan Xie Organizations: National Bureau of Statistics, Wall Street Journal, Citigroup, ANZ, Standard Chartered, PPI, Factories, Shenzhen Vanzone Technology, Covid Locations: HONG KONG, Beijing, China, India, Tangshan, Shenzhen, U.S, Europe
Faltering for Years, Ford Is Showing Signs of a Revival
  + stars: | 2021-06-09 | by ( Neal E. Boudette | ) www.nytimes.com sentiment -0.91   time to read: +2 min
There’s a lot more confidence with Ford now that the results will be there.”Mr. Farley is clearly not shy. While demand for Ford models is strong, dealers often don’t have the vehicles that buyers want. Like G.M., Ford is aggressively moving into electric vehicles, and it’s off to a strong start with the Mustang Mach E, an S.U.V. Next year, Ford will start selling the F-150 Lightning, an electric pickup truck. The latest came this week — a small pickup truck called the Maverick.
Persons: , David Whiston, There’s, Ford, ” Mr, Farley, Chris Farley, pare Organizations: Morningstar, , Twitter, Ford, Volkswagen, Tesla Locations: China, South America, Europe
Inflation has been warming up this spring, and it's expected to hit historical levels for the month of May. Headline CPI is expected to jump 4.7% year-over-year, the highest rate since sky high energy prices spiked inflation readings in the fall of 2008. Greater expectationsMark Zandi, chief economist at Moody's Analytics, said he expects a 0.6% jump in May core CPI. Core inflation was 3% year-over-year in April, a level it has only occasionally reached in the past two decades. Rent, owners' equivalent rent and medical care services (collectively 50% of the core CPI basket) inflation are muted."
Persons: Dow Jones, Diane Swonk, Grant Thornton, David Paul Morris, Mark Zandi, Swonk, pare, Wells, Grant Thornton's Swonk Organizations: Bloomberg, Getty, Fed, Moody's, Jackson Locations: Pleasanton , California, Central
London Metal Exchange Pedals Back on Closing Trading Ring
  + stars: | 2021-06-08 | by ( Joe Wallace | ) www.wsj.com sentiment -0.99   time to read: +1 min
The London Metal Exchange will reopen its open-outcry trading ring in September, halting plans to close a pit that dates back to the industrial revolution following resistance from an influential group of traders. In January, the LME said that it planned to permanently shut the trading pit, which caters for producers and consumers of physical metal, in a bid to attract more financial players to its electronic marketplace. The exchange backtracked Tuesday, saying the ring would open again on Sept. 6. Closing prices used to assess the value of financial portfolios will be calculated electronically. The reversal marks a victory for trading firms that are members of the ring.
Persons: pare Organizations: London Metal Exchange, Street
Asia shares pare gains on caution, oil falls again
  + stars: | 2021-06-08 | by ( Kane Wu | ) www.reuters.com + 0.00   time to read: +3 min
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 3, 2021. E-mini futures for the S&P 500 index were up 0.07%, while FTSE futures were flat, pointing to a subdued start for European markets. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) fell 0.36% in the afternoon session, wiping out morning gains. Japan's Nikkei 225 (.N225) inched down 0.19%, as losses in market heavyweights offset gains in drugmakers after Eisai Co's (4523.T) Alzheimer drug received U.S. regulatory approval. In Asia, China inflation data is due on Wednesday.
Persons: HSI, Eisai Co's, Kyle Rodda, Ray Attrill, Australia's, Brent Organizations: REUTERS, Staff, Nikkei, IG, European Central Bank, Federal Reserve, National Australia Bank, Microsoft, Facebook, Thomson Locations: Frankfurt, Germany, Asia, Asia Pacific, Japan, U.S, drugmakers, China
UPDATE 1-Euro zone bond yields steady ahead of U.S. data
  + stars: | 2021-06-04 | by ( Stefano Rebaudo | ) www.reuters.com + 0.00   time to read: +2 min
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds analyst comment, updates prices)MILAN, June 4 (Reuters) - Euro zone government bond yields steadied on Friday ahead of the U.S. May employment report, which might give clues about when Federal Reserve’s bond-buying tapering discussions would start. Thursday’s ADP National Employment Report showing private payrolls increased by 978,000 jobs last month, the biggest increase since June 2020, triggered a rise in Treasury yields in light trading overnight. “A succession of strong sentiment surveys in the U.S. this week has revived fears of, still distant, Federal Reserve tightening,” ING analysts said. According to a Reuters survey of economists, private payrolls likely increased by 600,000 jobs last month after rising by only 218,000 in April. Still, they expect the credit rating agency “to focus mainly on economic prospects in the short and medium-term, as these will be key for a credible fiscal strategy.”Italy’s 10-year government bond yield fell by 0.5 basis point to 0.89%.
Persons: , Powell, , Fitch Organizations: U.S, Federal, ” ING, Deutsche Bank analysts, Fed, European Central Bank, ECB, UniCredit Locations: MILAN, U.S, pare
(Refiling to restore time element to first paragraph)* Euro zone periphery govt bond yields tmsnrt.rs/2ii2BqrMILAN, June 4 (Reuters) - Euro zone government bond yields slowly edged lower on Friday after a slightly weaker than expected U.S. May employment report, with investors looking for cues about the U.S. Federal Reserve’s bond-buying tapering discussions. The Labor Department’s report showed nonfarm payrolls increased by 559,000 jobs last month, following an unexpected slowdown in the labour market in April. “Today’s data probably won’t change much the scenario for government bond yields in the short term, pending the U.S. inflation figure due on June 10. We expect euro zone bond and U.S. bond yields to stay not far from the current levels over the next few days,” he said. Germany’s 10-year yield, the benchmark for the bloc, was down 1.5 basis points by 1328 GMT, at -0.202%.
Persons: 2ii2Bqr MILAN, nonfarm, Massimiliano Maxia, payrolls, , Jerome Powell, , Fitch Organizations: U.S, Labor, Reuters, Allianz Global Investors, Treasury, Federal, Deutsche Bank analysts, Fed, European Central Bank, ECB, UniCredit Locations: U.S . Federal, U.S, , Wyoming, pare
UPDATE 3-Euro zone bond yields fall after modest U.S. jobs data
  + stars: | 2021-06-04 | by ( Stefano Rebaudo | ) www.reuters.com + 0.00   time to read: +3 min
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds latest yield levels)MILAN, June 4 (Reuters) - Euro zone government bond yields fell on Friday after a slightly weaker than expected U.S. May employment report as investors sought cues for what this means for the U.S. Federal Reserve’s bond purchases. Euro zone government bond yields fell following the data release, though by less than U.S. Treasuries. Italy’s 10-year yield fell to its lowest since May 7 at 0.87%. “Today’s data probably won’t change much the scenario for government bond yields in the short term, pending the U.S. inflation figure due on June 10. We expect euro zone bond and U.S. bond yields to stay not far from the current levels over the next few days,” he said.
Persons: Massimiliano Maxia, payrolls, , , ” Fitch Organizations: U.S, Reuters, European Central Bank, Allianz Global Investors, U.S . Federal Reserve, Deutsche Bank analysts, Fed, UniCredit Locations: MILAN, U.S . Federal, U.S, , Wyoming, pare, Italy
European stocks steady ahead U.S. jobs data, airlines slide
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 3, 2021. REUTERS/Staff(Reuters) -European stocks inched higher on Friday in cautious trading ahead of U.S. jobs data, with economic recovery hopes putting the main index on course for its third straight week of gains. The pan-European STOXX 600 index was up 0.1%, trading just below its record high hit earlier this week. The data comes ahead of the Fed and the European Central Bank’s policy meeting next week, where investors will watch for hints on tapering of their large bond purchase programmes. Ryanair slipped 1.2% even as its chief executive officer forecast unrestricted movement between Europe and Britain from July onwards.
Persons: pare, IAG, easyJet, William Ackman’s, Tontine Organizations: REUTERS, Staff, Reuters, U.S, Fed, ECB, BCA Research, British Airways, Wizz, Britain, Ryanair, Vivendi, Universal Music Locations: Frankfurt, Germany, Egypt, Sri Lanka, England, Europe, Britain
Can the Next Mayor Make New York Safe Again?
  + stars: | 2021-06-04 | by ( Mene Ukueberuwa | ) www.wsj.com + 0.00   time to read: +12 min
“We need a plainclothes unit to go after illegal guns,” Mr. Adams says, adding that he’d fund it by eliminating clerical jobs in the department. We hired them to go after violent crime.”Like his opponents, Mr. Adams opposes widespread stop and frisk. “It is unconscionable that three out of four shooters are still on the loose in Brooklyn.”Mr. Yang’s critics, including Mr. Adams, write him off as unserious. That’s the case for many attendees at an Asian-American rally for Mr. Adams in the Flushing neighborhood of Queens on a Sunday morning. Mr. Jiang notes that many Chinese residents of Flushing support Mr. Yang, whose parents immigrated to the U.S. from Taiwan.
Persons: Bill de Blasio, Rudy Giuliani, Michael Bloomberg, Michael LiPetri, de Blasio, Giuliani, Ray Kelly, Eric Adams, he’s, Frederick Douglass, Mr, Adams, , Adams’s, Avi Cotter, , Cotter, Maria Danzilo, de, defunding, I’ve, Maya Wiley, Eric, isn’t, Andrew Yang, Debra L, Rothenberg, Yang, pare, Wiley, Scott Stringer, who’ve, ” Mr, Sonia Gordon, Gordon, Peter Koo, “ Eric Adams, Jim Jiang, Jiang, Messrs . Yang, Kathryn Garcia, Williams, falters, Sally Gonzalez, — Giuliani, Tova Schiff, Ms, Gonzalez, Schiff, “ Giuliani, Garcia, Spencer Platt, Messrs, Emerson, Stringer, Garcia’s, hasn’t, Ukueberuwa Organizations: New York City Police Department’s, City, Times, Democratic, NYPD, Frederick Douglass Houses, heckler, NY1, West Side, City Council, Yorkers, Zuma, Life Christian, Mr, University of Connecticut, Messrs, Emerson College, Bloomberg, Williams Plaza, Former New York, Republican, United Federation of Teachers, Sanitation Department, Teamsters, Service Employees International Union, Transport Workers Union, Hotel, New York Democrats Locations: York, Washington, Greenwich, Brooklyn, , Wednesday’s, Manhattan, , Bronx, South Bronx, Flushing, Queens, Taiwan, Brooklyn’s Williamsburg, City Hall, Former New York City, New York
Stocks Climb After Jobs Report
  + stars: | 2021-06-04 | by ( Caitlin Ostroff | Akane Otani | ) www.wsj.com sentiment -0.99   time to read: +1 min
U.S. stocks rose Friday, heading for modest weekly gains, after the monthly employment report showed the labor market continued its slow recovery in May. The Dow Jones Industrial Average gained 131 points, or 0.4%, to 34708, while the S&P 500 added 0.8%. Friday’s gains put U.S. stocks on track to post muted advances for the week, even after a pullback in shares of health and consumer-discretionary companies partially offset broad gains across other sectors. One factor that helped ease some investors’ concerns: the May jobs report. Labor Department data showed the U.S. economy added slightly fewer jobs than economists had expected, while the unemployment rate fell more than expected.
Persons: pare, , James McCann Organizations: Dow Jones Industrial, Nasdaq, Labor Department, Federal Reserve, Aberdeen Standard Investments Locations: U.S
(Reuters) - U.S. stocks wavered on Thursday, with tech shares dragging on the S&P 500 and Nasdaq , as investors balanced concerns about inflation and the Federal Reserve reining in stimulus with relief about corporate tax hikes. FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. The S&P 500 tech sector fell 0.6%. Overall, the S&P 500 is up roughly 12% for the year and within about 1% of its record high. The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 27 new lows.
Persons: Carlo Allegri, Dow, Joe Biden, , , Gary Bradshaw, pare, Brad Neuman, Ford, advancers Organizations: Reuters, Nasdaq, Federal, New York Stock, REUTERS, Hodges Capital Management, Investors, Dow Jones, Tech, General Motors Co, AMC Entertainment Holdings, AMC, NYSE Locations: Manhattan, New York City , New York, U.S, Dallas, Alger, New York
US STOCKS-Futures dip ahead of labor market data
  + stars: | 2021-06-03 | by ( Shashank Nayar | ) www.reuters.com sentiment -1.00   time to read: +2 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) Separately, the Labor Department data is likely to indicate the number of Americans filing new claims for unemployment fell below 400,000 for the first time since the start of the pandemic. ISM’s survey on the service sector, which accounts for two-thirds of the U.S. economy, will be released after markets open. The blue-chip Dow has edged higher in the past five session as investors piled into stocks likely to benefit from an economic reopening. ET, Dow e-minis were down 148 points, or 0.43%, S&P 500 e-minis were down 20.25 points, or 0.48%, and Nasdaq 100 e-minis were down 74.75 points, or 0.55%.
Persons: pare, ’ reassurances, Shashank Nayar, Medha Singh, Maju Samuel Organizations: Dow, Nasdaq, BlackBerry, AMC, Labor Department, Federal, Fed, Dow e, FireEye Inc, Technology, AMC Entertainment, BlackBerry Ltd Locations: U.S, Bengaluru
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. read moreA separate report indicated the number of Americans filing new claims for unemployment hit its lowest level since the start of the pandemic. read moreISM's survey on the service sector, which accounts for two-thirds of the U.S. economy, will be released after markets open. "The U.S. economy will continue to rebound and that might lead to some inflation worries in the long-term; but we remain largely constructive on the near to medium term inflation outlook." ET, Dow e-minis were down 176 points, or 0.51%, S&P 500 e-minis were down 27.25 points, or 0.65%, and Nasdaq 100 e-minis were down 132.25 points, or 0.97%.
Persons: Carlo Allegri, Jon Adams, pare Organizations: New York Stock, REUTERS, BMO Global Asset Management, Federal, Fed, Dow, Dow e, Nasdaq, AMC Entertainment, Technology, Thomson Locations: Manhattan, New York City , New York, U.S, Chicago
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoWall Street's main indexes droppedon Thursday, weighed down by high-growth technology stocks, as a raft of upbeat data indicated a strong economic rebound was underway, fanning fears of rising inflation. read moreISM's survey showed a measure of U.S. services industry activity increased to a record high in May. read moreThe strong data could force the Federal Reserve to pare back its crisis support sooner than expected, despite central bank officials' reassurances to the contrary. read moreDeclining issues outnumbered advancers for a 3.10-to-1 ratio on the NYSE and for a 2.89-to-1 ratio on the Nasdaq.
Persons: Carlo Allegri, pare, Jon Adams, Banks, Ford, advancers Organizations: New York Stock, REUTERS, Federal, BMO Global Asset Management, Apple Inc, Amazon.com Inc, Microsoft Corp, Dow, Dow Jones, Nasdaq, AMC Entertainment, Technology, General Motors Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, Chicago
The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe S&P 500 dipped on Thursday as a raft of upbeat data fanned fears of rising inflation, eclipsing reports that President Joe Biden has offered to scrap his proposed corporate tax hike. Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Corp (MSFT.O) and Alphabet (GOOGL.O) were among the biggest drags on the benchmark S&P 500 as the high-growth stocks, whose future cash flows are discounted when interest rates are higher, fell. read moreDeclining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.79-to-1 ratio on the Nasdaq. The S&P index recorded 30 new 52-week highs and no new low, while the Nasdaq recorded 55 new highs and 21 new lows.
Persons: Carlo Allegri, Joe Biden, Biden's, Rob Sechan, pare, Sean O’hara, Banks, Ford, advancers Organizations: New York Stock, REUTERS, Dow, Democratic, NewEdge, Federal, Bank of America, Apple Inc, Amazon.com Inc, Microsoft Corp, Dow Jones, Nasdaq, AMC Entertainment, Technology, General Motors Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, headwind
European stocks slip ahead of data deluge, UK shares lag
  + stars: | 2021-06-03 | by ( Sruthi Shankar | ) www.reuters.com sentiment -1.00   time to read: +2 min
(Reuters) -European stocks slipped from all-time highs on Thursday, as investors awaited U.S. economic data to gauge the future path of monetary policy, while rating actions and ex-dividend trading knocked UK shares lower. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 2, 2021. REUTERS/StaffThe pan-European STOXX 600 index was down 0.2%, with miners and utilities leading the decliners. Construction materials group Saint-Gobain gained 3.9% after forecasting record operating income and margin in the first half of the year. Britain’s biggest telecom group BT group slipped 2.9% after Deutsche Bank downgraded the stock to “sell”, saying it is overvalued.
Persons: pare, Edward Park, Brooks Macdonald, , Wall, Remy Cointreau Organizations: Reuters, REUTERS, Staff, National Grid, Kingfisher, Federal, BT, Deutsche Bank Locations: Frankfurt, Germany
(Reuters) -European stocks pared losses on Thursday as upbeat eurozone business growth data and strong U.S. jobs data lifted sentiment on a dull day of trading, while rating actions and ex-dividend trading knocked UK shares lower. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 2, 2021. REUTERS/StaffThe pan-European STOXX 600 index was down 0.1% after falling as much as 0.8% earlier in the session. Construction materials group Saint-Gobain gained 4.2% after forecasting record operating income and margin in the first half of the year. Britain’s biggest telecom group BT group fell 1.9% after Deutsche Bank downgraded the stock to “sell”, saying it is overvalued.
Persons: , Jack Allen, Reynolds, “ Price, Wall, Remy Cointreau Organizations: Reuters, REUTERS, Staff, National Grid, Kingfisher, Capital Economics, BT, Deutsche Bank Locations: Frankfurt, Germany, Europe
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