GLOBAL MARKETS-Global shares little changed after central bank meetings

GLOBAL MARKETS-Global shares little changed after central bank meetings
From Reuters - December 14, 2017

NEW YORK (Reuters) - European shares closed down on Thursday after policy meetings from major central banks in Europe failed to provide momentum, while the Dow and the Nasdaq Composite were down as investors waited for more information on Republicans tax overhaul.

MSCIs gauge of stocks across the globe shed 0.07 percent.

Both the European Central Bank and Bank of England left interest rates unchanged, as expected. The ECB promised to hold rates low for an extended period and even maintained a pledge to provide more stimulus if needed.

The decisions come a day after a U.S. Federal Reserve meeting where the central bank announced a widely expected interest rate hike, but left its rate outlook for the coming years unchanged.

Weakness in bank stocks contributed to a downbeat mood for equities in Europe, and the pan-European STOXX 600 index closed down 0.46 percent.

The Feds less hawkish statements supported MSCIs broadest index of Asia-Pacific shares outside Japan, but its gains were pared to 0.17 percent.

The Dow Jones Industrial Average fell 25.06 points, or 0.1 percent, to 24,560.37, the S&P 500 lost 5.24 points, or 0.20 percent, to 2,657.61 and the Nasdaq Composite dropped 9.45 points, or 0.14 percent, to 6,866.35.

Losses in healthcare stocks such as Johnson & Johnson offset gains in shares of technology and consumer discretionary companies.

Walt Disney struck a deal to buy Twenty-First Century Foxs assets for $52.4 billion in stock. Fox rose 4.73 percent and Disney 2.42 percent.

After the U.S. Federal Communications Commission voted to repeal net neutrality rules, U.S. stocks moved lower as tech shares trimmed gains.

Theres just a little bit of a hold on the market, said Quincy Krosby, chief market strategist at Prudential Financial in New Jersey. The market is completely focused on the process of the tax reform. Certainly the deal with Disney and Fox should have helped push up the market, but the market is just waiting for the tax code.



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