A global stock rally stalled Wednesday as investors took a breather after the partial U.S.-China trade deal that sent equities to record highs. Treasuries were flat. With global stocks around all-time highs, and the U.S.-China trade accord announced Friday yet to be signed, there was little reason for traders to bid prices higher.
West Texas intermediate crude pulled back after touching $61 a barrel for the first time in three months. Bitcoin’s woes continued, as the digital currency languished below $7,000. The pound dropped for a second day as concern the U.K. may be headed for a no-deal Brexit spurred traders to unwind long positions.
FedEx Corp. plunged after cutting its profit forecast for the second straight quarter, as weak international demand hurt sales and the courier ramped up investment to handle soaring e-commerce deliveries.
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Today’s Economic Data
09:30 (UK time): CPI (GBP)
13:30 (UK time): CPI (CAD)
21:45 (UK time): GDP (NZD)