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Bloomberg
US stocks fluctuated with the dollar as the Trump administration signaled its commitment to Nafta, while the euro edged lower after the European Central Bank boosted its assessment of the region’s economy without discussing tapering asset purchases. Crude sank below $49 a barrel.
The S&P 500 Index’s move toward an all-time high faltered anew and Treasuries slipped after US President Donald Trump ruled out a withdrawal from Nafta hours after reports his White House considered tearing up the deal. The Mexican peso and Canadian dollar jumped. Crude slumped below $49 a barrel. The euro swung from gains to losses. European stocks fell as investors absorbed corporate earnings.
Trump’s statement on Nafta capped a policy whirlwind that roiled American assets Wednesday as the White House delivered scant details on a broad tax rewrite. Corporate earnings also bolstered equities. Draghi said risks are moving closer to being broadly balanced, an indication the ECB may soon move toward tapering its asset purchases, though he added that members did not discuss tapering.
US GDP is due Friday. It’s projected to show the economy expanded at a 1 percent annualized rate in the first quarter, the weakest pace in a year.
The S&P 500 Index rose less than 0.1 percent at 9:35 a.m. in New York, about seven points from its record close. The Stoxx Europe 600 Index slipped 0.3 percent after climbing for six straight sessions to the highest level since August 2015. Deutsche Bank dropped 2.5 percent after debt and equity trading missed estimated in the first quarter. Tokyo stocks fell for the first time in six days and the yen slipped.