 |
The European Central Bank cut rates by a quarter point, as expected, and the Bank of England moved forward with more quantitative easing. In a surprise move, the People's Bank of China joined in Thursday, moving forward with surprise rate cuts at about the same time as the Bank of England news.
http://www.cnbc.com/id/48082851
The euro sank to a one-month low as Spanish and Italian bonds plunged, while stocks retreated, after the European Central Bank disappointed investors anticipating a more aggressive effort to fight the debt crisis.
http://www.bloomberg.com/news/2012-07-05/asian-stocks-oil-copper-drop-as-europe-slump-may-worsen.html
http://www.dailymail.co.uk/money/news/article-2169209/Pound-moves-half-year-highs-euro.html
(Reuters) - Stocks fell on Thursday after the biggest three-day rally of the year and the euro and commodities slid too as investors awaited clues on Federal Reserve stimulus and a jobs report likely to show Europe's crisis weighing on the U.S. economy.
A slowdown in the U.S. service sector to a 2-1/2-year low in June was in line with investor fears the euro zone debt crisis was sapping global growth. The data encouraged traders to take profits from a strong equity market rally that began last Friday and extended into the first two sessions of this week.
