Stocks and the euro fell after some corporate earnings and German economic data trailed forecasts, while Federal Reserve Bank of Dallas President Richard Fisher said global central banks may not have the capacity to provide more stimulus. Commodities reversed earlier losses.
The Standard & Poor’s 500 Index slipped 0.1 percent at 10:23 a.m. in New York, paring a loss of as much as 0.4 percent as commodity and technology companies advanced. The Stoxx Europe 600 Index dropped 0.2 percent. The euro depreciated 0.4 percent to $1.2344 as the yen gained against 14 of 16 major peers. The German 10-year bund yield slipped seven basis points, and the similar-maturity U.S. Treasury note rate dropped two points, snapping a three-day increase. Cocoa and led gains in commodities.
Among companies that retreated after reporting results were Priceline.com Inc., the largest U.S. online travel agency, ING Groep NV, the biggest Dutch financial-services company, and Securitas AB, the world’s second-largest guarding services company. German exports fell 1.5 percent in June from the previous month and industrial production dropped 0.9 percent, reports showed today. The Fed’s Fisher told Bloomberg Television that adequate economic stimulus is already in place.
“The market has gotten a bit ahead of itself on speculation of central bank action,” said Kevin Caron, a market strategist inFlorham Park, New Jersey, at Stifel Nicolaus & Co., which has more than $127 billion in client assets. “Even as the U.S. economy is moving at a relatively slow pace, there’s very little evidence that encourages the Fed to come in with another significant round of quantitative easing.”
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