World Stock News – May 15th 2014 …


European stocks fell back from the six-year high reached on Tuesday as investors weighed earnings and equity valuations and media stocks ITV and Italy’s Mediaset both published disappointing trading updates. US stocks also retreated from recent record highs. In Britain, unemployment fell to 6.8 per cent in March, the lowest in five years, matching economists’ estimates.

Bond yields in the US and Germany dropped after sources told a European Central Bank rate cut next month is “more or less a done deal”.UK yields fell also after the Bank of England said it was in no hurry to raise rates. Irish yields reached a new low. Stocks fell in early trading, amid profit-taking by investors and renewed selling in small-cap shares.

Fossil Group fell 10.27 per cent to $100 after the maker of watches and accessories forecast earnings that trailed analysts’ estimates.Deere and Co slid 2.04 per cent after the large maker of agricultural equipment cut its full-year revenue projection.IBM lost 1.6 per cent to $189.04 for the steepest slide in the Dow Jones in early trading and ended the day at $188.72, a fall of 1.81%.

Europe National benchmark indexes fell in nine of the 18 western European markets today, with Germany’s DAX and France’s CAC 40 flat on the day.UK stocks were little changed, erasing earlier losses, as Bank of England governor Mark Carney said officials may wait until next year to raise rates, even as the economy moves closer to needing a tighter monetary policy. The FTSE 100 index advanced just 0.1 per cent.

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