May 18, 2013
Global shares edge lower
US stocks fell today after the Federal Reserve said in its latest statement that economic growth had stalled but indicated the pullback was likely temporary.
The Dow Jones industrial average was down 44.23 points, or 0.32 percent, at 13,910.19. The Standard & Poor's 500 Index was down 5.89 points, or 0.39 percent, at 1,501.95. The Nasdaq Composite Index was down 11.35 points, or 0.36 percent, at 3,142.31.
European shares suffered their biggest daily drop this month after gloomy earnings and weak US economic data hit sentiment today and left some positioning for further falls in the near-term.
A profit warning from Saipem caused shares in Europe's biggest oil services company to fall 34.3 percent and sent shockwaves through the oil & gas sector.
Imperial Tobacco, meanwhile, shed 4.3 percent after guiding for lower profits.
They both weighed on the pan-European FTSEurofirst 300 index, which closed 0.6 percent lower at 1,171.09 points, chalking up the worst daily loss since Dec. 28.
Japan's Nikkei average ended above 11,000 points for the first time in 33 months today, led by gains in exporters and interest rate-sensitive sectors such as real estate on persistent expectations of more monetary easing by the Bank of Japan.
The Nikkei jumped 2.3 percent to 11,113.95, its highest close since April 23, 2010.
The broader Topix gained 1.5 percent to 934.67, with 3.13 billion shares changing hands, down from 3.47 billion yesterday and last week's daily average of 3.44 billion.