Euro, Pound Rally On Brexit Concession; Global Stocks Dip | 10/19/2018 | Staff
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NEW YORK (Reuters) – Stocks dipped on Friday, dragging a global index into a fourth consecutive weekly loss, while the euro and sterling rallied against the dollar after a report said Britain is ready to drop a key Brexit demand.

Oil prices rose on signs of surging demand in China, although prices fell for a second week running as U.S. inventories swelled.

Earnings - Shares - Wall - Street - Concerns

Strong earnings boosted shares early on Wall Street but concerns over economic growth in China and Europe lingered, dragging indexes lower in afternoon trade.

“There a lot of cross-currents right now, with Italy, housing weakness, interest rates (rising) …,” said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.

STOXX - Index - Percent - MSCI - Gauge

The pan-European STOXX 600 index lost 0.12 percent and MSCI’s gauge of stocks across the globe shed 0.08 percent.

The Dow Jones Industrial Average rose 64.89 points, or 0.26 percent, to 25,444.34, the S&P 500 lost 1 point, or 0.04 percent, to 2,767.78 and the Nasdaq Composite dropped 36.11 points, or 0.48 percent, to 7,449.03.

Market - Stocks - MSCI - Index - Asia-Pacific

Emerging market stocks were flat. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.13 percent higher.

In currencies, the British pound and the euro rose after Bloomberg News reported that British Prime Minister Theresa May is ready to drop a key Brexit demand in order to make a deal for Britain to leave the European Union.

EU - Negotiator - Michel - Barnier - Brexit

Earlier, EU negotiator Michel Barnier said a Brexit deal was 90 percent done although hurdles remained.

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