Global Stocks Retract Awaiting US Data – Europe Market Wrap

Stocks fell as traders anticipated data releases that would provide insight into the health of the US economy and the Fed’s interest-rate path.

Europe’s Stoxx 600 fell 0.2% as mining stocks fell in response to lower commodity prices. US contracts fell ahead of Wall Street’s reopening after the Labour Day weekend, but an index of Asian markets was barely changed.

The release of US manufacturing data later Tuesday will signal the beginning of a busy week of economic reports, culminating with nonfarm payrolls data on Friday. In August, a similar spate of disclosures sparked fears that the US economy was on its way to a hard landing, jarring markets.

The Yen gained as BoJ Governor Ueda reiterated that the central bank will continue to hike interest rates if the economy and prices meet expectations.

The Dollar continued its modest gains from the previous two trading days. Treasury yields were hardly changed. Oil prices fluctuated as traders weighed fears about China’s bleak economic outlook against supply disruptions in Libya.