World shares slipped on Wednesday after two days of gains amid mounting concern ...
LONDON - World shares slipped on Wednesday after two days of gains amid mounting concern over world growth and trade, though the British pound rallied half a percent on optimism that lawmakers were set to rule out a no-deal Brexit.
Data continue to reinforce the picture of a slowing world economy. Japan’s machinery orders fell in January at the fastest pace in four months, pushing the Nikkei down more than 1 percent. “Markets are still hopeful for a U.S.-China trade deal — my concern is that this is not necessarily going to ride to the rescue of the weak economy ... ,” said Steve Barrow, G10 strategist at Standard Bank. “That means riskier financial assets like equities are going to struggle from here.”
Those expectations are boosting the pound after this week’s volatile ride. Sterling rose as high as $1.3290 and as low as $1.2945. It was trading 0.7 percent higher at $1.3150. UK stocks and government bonds were flat However, the S&P 500 and Nasdaq benchmarks closed higher after a weak inflation report for February reinforced expectations the Federal Reserve will remain patient on rates and may sound more dovish at next week’s meeting.
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