Rate decisions ahead, global stocks stable as dollar slips
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feds, Mortgage Interest Rates September 4th, 2008LONDON (Reuters) - Global equities stabilized on Thursday after hitting a two-year low while the dollar trimmed recent gains ahead of European interest rate decisions and the British pound touched a trade-weighted 12-year low.
MSCI’s main world stock index was flat to slightly weaker. It dropped to its lowest level since September 2006 late on Wednesday.
The European Central Bank and Bank of England were both meeting to discuss monetary policy, although both were expected to leave rates steady at 4.25 percent and 5.0 percent, respectively.
Differing economic and rate prospects have been driving the dollar higher in recent weeks as the U.S.-triggered economic downturn spreads to the euro zone and Britain.
The dollar, however, slipped on Thursday against a basket of major currencies (^DXY - News) and was weaker against both the euro and pound.
The euro brought $1.4532, a gain of around 0.3 percent, and the pound fetched $1.7832, a gain of about half a percent.
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