Asian markets settled mostly lower in light trading ahead of the ECB’s afternoon rate decision. The Nikkei slipped .3% to 9080, the ASX 200 eased .1% to 4169, and the Shanghai Composite slumped 1.2% to 2201. The Hang Seng advanced .5% to 19809, and the Kospi rose fractionally to 1875.
The ECB cut interest rates by 25 basis points to .75%, a move which was widely anticipated. Mario Draghi, the ECB president, projected a negative outlook for Europe’s economic health, but failed to offer any additional plans of easing. The Bank of England announced another round of asset purchases in an effort to improve liquidity.
European markets closed mostly lower, with the CAC40 down 1.2%, and the DAX sliding .5%. The FTSE rose .1% to 5693.
US stocks traded lower, with the Dow sliding 47 points to 12897. The S&P 500 sank .5% to 1368, and the Nasdaq closed flat.
Netflix shares jumped 13.4% after the company announced it had streamed more than 1 billion hours of media in June.
Currencies
The euro tumbled 1.1% to 1.2391, tumbling after the ECB announcement. The Swiss franc tracked those losses, dropping 1.1% to .9694 and the pound slipped .5% to 1.5524. The Australian dollar inched up .1%, while the Canadian dollar and yen eased .1%.
Economic Outlook
The ADP employment report indicated the economy added 176K jobs last month, blowing past estimates for a gain of only 103K jobs. The ADP report is seen as a barometer for the official non-farm payroll report, scheduled for Friday. Weekly unemployment claims dropped by 14K to 374K, besting estimates by 11K. ISM non-manufacturing PMI slipped to 52.1 from 53.7.
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ECB Cuts Interest Rates To Record Lows
Published 07/06/2012, 06:07 AM
Updated 05/14/2017, 06:45 AM
ECB Cuts Interest Rates To Record Lows
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