There were broad declines on global markets overnight. Profit-taking was a likely culprit following the record breaking runs in America and Europe.
On Wall Street, the Dow snapped a five session winning streak and suffered its first triple digit loss in three weeks.
The news wasn’t much better in Europe, where the German Dax pulled back after recently overcoming the 10000 barrier for the first time ever.
Sentiment on both sides of the Atlantic was hurt by the World Bank downgrading its global growth forecast.
There were minor moves in major commodities like gold, which rose slightly amid US dollar weakness. Support for crude came from data showing a bigger-than-expected decline in weekly US supplies.
Nickel took a dive on concerns prices have risen too far, too soon. Conversely, palladium soared to its highest in over three years as miners in South Africa continued their strike, threatening supply from the country.
The greenback weakened against most other currencies, and the euro continues to ease following the ECB’s policy easing measures announced last week.