MARKET WRAP: European Stocks Dropped, Sterling Jumped & Euro Dropped

Sterling went on a roller-coaster ride today as Bank of England delivered its statement. Equity investors are on the edge due to the threat of another U.S. government shutdown

Stocks

• The S&P 500 is building on its losses on top of yesterday and fell 0.8 percent at 15:47.
• The Stoxx Europe 600 Index moved lower on the back of the of the feeble economic data and fell 0.9 percent, breaking its winning streak.
• The MSCI World Index followed global markets and dropped 0.3 percent, the biggest  drop in more than a week.

Currencies

• The Dollar Index is maintaining its strength and jumped 0.1 percent, continuing its sixth consecutive gain.
• The Euro lost its mojo again and dropped 0.1 percent to $1.1346.
• The British pound dropped sharply at the BOE decision but quickly recovered its losses and jumped 0.4 percent to $1.2983.

Bonds

• The yield on 10-year Treasuries eased off again and dropped three basis points to 2.67 percent.
• Germany’s 10-year yield did what it does best, dropped four basis points to 0.12 percent.
• Italy’s 10-year yield jumped higher as investors became more concerned, it soared seven basis points to 2.933 percent.

Commodities

• Gold is still defending its 1300 support and gained 0.2 percent to $1,309.12 an ounce.
• West Texas Intermediate crude is out of luck and dropped 1.4 percent to $53.26 a barrel.

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