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Wall St closed lower overnight as the Dow Jones ended a 4-day winning streak losing 0.7%. The S&P500 dropped 0.19% and the tech-heavy Nasdaq gained just 0.04%. In terms of US stocks, both General Motors and Ford fell more than 4% following downgrades from Morgan Stanley.
Over in Europe, markets fell as the China-fuelled rally lost momentum. The STOXX600 closed 0.11% with half of the major sectors ending the trading day in the red. Germany’s DAX dropped 0.41%, the French CAC lost half a percent and over in the UK the FTSE100 ended Wednesday’s trading session 0.17% lower.
Locally yesterday, the ASX200 fell 0.13% with the majority of sectors closing in the red. Losses were led by the financial and consumer staples sectors which fell 1.87% and 1.86% respectively. This was offset by the materials sector which rose by 2.42% yesterday.
Monthly inflation data was also released yesterday coming it at 2.7%, which was below its previous result of 3.5% and the forecast of 3.1%.
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