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The stock market opened lower Thursday extending its losses

19 May 2017

Some of the largest individual stock moves were spurred by fresh M&A action, with shares in Berendsen soaring almost 27 per cent after French laundry firm Elis made a $2.6 billion offer for the British rival.

The region's shares showed little reaction to news that former Federal Bureau of Investigation chief Robert Mueller was appointed to investigate alleged Russian interference in the 2016 USA election, although the S&P mini futures were a shade higher while the dollar bounced modestly against the safe-haven yen.

GBP/USD is supported in the range of 1.2902 levels and now trading at 1.2967 levels.

Investors flock over the Japanese yen as President Donald Trump continues to stir political fickleness; Swiss franc was also hitting a seven-week against the greenback. However, even if there are enough positive fundamentals to put a floor to the current sell-off, the dollar will likely struggle to find fresh impetus for a renewed upside attempt without any progress to Trump's economic agenda.

The index was last at 97.44, up 0.1% for the day.

The news comes on the heels of a tumultuous week at the White House when Trump unexpectedly fired Comey and then disclosed classified information to Russia's foreign minister about a planned Islamic State operation.

It pulled out of a tailspin that had taken it to its lowest level in six months against other top currencies including the euro and the yen, though it remained wobbly. Manufacturing sales rebounded 1.0 percent in March, driven by gains in the motor vehicle sector and record sales in the food industry, data from Statistics Canada showed. Losses for the loonie came even as prices of oil, one of Canada's major exports, climbed.

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[O/R] USA crude CLc1 was effectively flat at $49.04 a barrel.Gold hovered near a two-week high thanks to the weaker dollar and the risk aversion gripping the broader markets.

The UK's FTSE 100 Index fell 0.3%, Germany's DAX Index weakened 1.4%, while France's CAC40 Index slumped 1.6%. USA stocks also remain in bullish territory despite the biggest upset to hit the equities market this year.

Meanwhile, most Asian equities sank Thursday while the dollar held losses on fears the intensifying crisis surrounding Donald Trump could lead to his impeachment and shatter any chances of his economy-boosting agenda being implemented.

The three major Wall Street indexes hit session lows in late afternoon trading after the S&P 500 fell below 2369.23, its 50-day moving average.

Copper lost 0.52 percent to $5,581.00 a tonne.

USD/JPY is supported around 110.57 levels and now trading at 110.94 levels.

Investors had already begun to doubt Trump's ability to get a divided U.S. Congress to support his promised policy steps.

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It fell to a three-week low of 110.53 yen on Thursday before bouncing back a tad to 111.09 yen, up 0.3 per cent from late USA levels, on Japanese bargain-hunting.

The Nasdaq had its worst day since June 24.

Europe's bourses dropped between 0.8 and 1.3 percent as the selling pressure built again and Wall Street was expected to open down as much as 0.5 percent, having suffered its biggest thumping in over eight months on Wednesday.

Investors have been shocked by the news and anxious Trump's ability to deliver on business-friendly policies.

Dow Jones closed down by 1.76 percent, S&P 500 down 1.80 percent, Nasdaq finished the day down by 2.56 percent.

Benchmark 10-year notes last fell 1/32 in price to yield 2.2173 percent, from 2.216 percent late on Wednesday. The euro hit its highest level since November 7, while prices of gold hit a one-month high. The index, which tracks the USA currency against a basket of six major rivals, last stood at 97.929, down 0.2 percent on the day.

Spot gold hit US$1,263.02 an ounce, its highest since May 1.

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