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US Shares Hike Modestly, Euro Dips - ASHARQ AL-AWSAT English Archive
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US shares rose modestly and European stocks were little changed on Thursday as investors digested testimony from former FBI Director James Comey before a Senate panel, while the euro fell after the European Central Bank kept interest rates on hold and oil prices briefly touched one-month lows.

Comey told US lawmakers in the congressional hearing he had no doubt that Russia had interfered with the election but was confident that no votes had been altered.

Investors also await the outcome of the general election in Britain as voting began on Thursday in a snap vote predicted to give Prime Minister Theresa May a larger parliamentary majority.

The FTSEurofirst 300 of top European equities briefly hit a three-week low of 1,526.29 after the ECB said subdued inflation meant it would continue to pump more stimulus into the region’s economy. It still judged the euro zone economy to be rebounding and signaled it would not cut interest rates further.

“Comey might move the markets in the short term but I don’t think it’s going to affect the intrinsic values of what many large US businesses are worth,” said Mike Mattioli, portfolio manager at Manulife Asset Management in Boston.

MSCI’s all-country world equity index .MIWD00000PUS was last down 0.33 points, or 0.07 percent, at 467.3.

The Dow Jones Industrial Average .DJI was last up 66.28 points, or 0.31 percent, at 21,239.97. The S&P 500 .SPX was up 3.87 points, or 0.16 percent, at 2,437.01. The Nasdaq Composite .IXIC was up 15.12 points, or 0.24 percent, at 6,312.50.

Europe’s broad FTSEurofirst 300 index .FTEU3 closed down 0.04 percent at 1,528.71.

Asharq Al-Awsat English

Asharq Al-Awsat English

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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