European stocks fell, paring their biggest weekly rally in five months, as companies posted financial results that disappointed investors, while the U.S. economy grew at a slower-than-expected pace.
U.S. gross domestic product rose at a 2.5% annual rate, Commerce Department figures showed today. The median estimate of 86 economists surveyed by Bloomberg called for a 3% gain.
In London the UK’s FTSE 100 shed 16 points (-0.3%) to settle at 6426, whilst the German DAX lost 18 points (-0.2%) to close at 7815.
Stateside, the Dow Jones added 12 points (+0.1%), to 14713, whilst the S&P 500 lost three points (-0.2%) to 1582.
Gold futures fell, trimming the biggest weekly gain in 15 months, as the U.S. economy expanded less than forecast, driving commodities lower and crimping demand for the precious metal as a hedge against inflation.
Gold futures for June delivery declined 0.6% to settle at $1,453.60 an ounce on the Comex in New York.
Crude fell, trimming the biggest weekly increase since June, as the U.S. economy grew less than expected in the first quarter.
Oil for June delivery retreated 64 cents to settle at $93 a barrel on the New York Mercantile Exchange.
The US dollar held declines against most of its major peers after U.S. gross domestic product increased less than forecast in the first quarter, adding to concern the world’s biggest economy is struggling to grow.
There is no major local data due out for today’s session.