Market Headlines – 8/11/2017

US

• US stocks inched lower from record highs yesterday as Energy stocks gave back some of the previous sessions strong gains. The S&P 500 closed marginally weaker as losses in Financials and Energy companies offset gains in Utilities and Consumer Staples stocks.
• Oil prices retreated almost 1% yesterday following Monday’s 3.5% gain, but remain within touching distance of $64 per barrel, a level it breached on Monday for the first time in two years.
• Currencies that tend to exhibit relatively strong correlations with oil prices, notably the Canadian dollar and Norwegian krone, both ticked lower against the dollar. The dollar index, a measure of the greenback against a basket of peers, rose 0.2% yesterday.

Europe

• European equities closed lower yesterday amid a batch of weak corporate earnings. The Euro Stoxx 50 index fell 0.6%, the UK’s FTSE 100 lost 0.7% and the German DAX closed 0.9% lower.
• Danish jewellery maker Pandora provided weak guidance for the important holiday quarter; online clothing operator Zalando similarly provided weak guidance as increased logistics investments will weigh on margins; Danish shipping firm Moller-Maersk lowered guidance following disturbances from a cyber-attack.

Asia

• Asian equity market moves overnight were relatively muted. Japanese stocks finished marginally lower and remain within touching distance levels not previously touched since 1992.