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BLBG: Stocks Take a Breather as Earnings Disappoint, Treasuries Gain
 
Futures signal S&P 500 will decline from record-high
Gold gains with U.S. Treasuries as crude oil rebounds
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Global markets are pressing the pause button.
After the S&P 500 Index yesterday set its fifth all-time high in six days, futures signaled on Tuesday that stocks will retreat. The Stoxx Europe 600 Index had its biggest drop in two weeks as Akzo Nobel NV and Rio Tinto Group posted results that missed estimates. U.S. Treasuries and gold rose as investors sought havens, while the Australian and New Zealand dollars weakened after the countries’ central banks signaled they are moving toward interest-rate cuts.
Investors are taking stock after adding $4.6 trillion to the value of equities worldwide in the past three weeks as some earnings have raised the specter the gains may have come too far, too fast. The International Monetary Fund is due to update its projections for world growth on Tuesday after Managing Director Christine Lagarde warned last week estimates may be cut. The Commerce Department releases figures on housing starts and companies including Microsoft Corp. report earnings today after Netflix Inc. said subscriber growth slumped to a three-year low.
“If the U.S. market is at an all-time high and you have a day of waiting for news, investors trim exposure,” said Ben Kumar, investment manager at Seven Investment Management LLP, which oversees 10 billion pounds ($13 billion).
Stocks
The Stoxx 600 slid 0.7 percent at 8:04 a.m. in New York. Commodity producers fell the most among 19 industry groups, as Rio Tinto dropped 3.7 percent after its second-quarter iron ore production rose less than expected. BHP Billiton Ltd. and Glencore Plc also fell more than 3 percent.
Akzo Nobel slid 5.1 percent after saying a slowdown in sales in the U.K. in the run up to the nation’s referendum has yet to recover. Fiat Chrysler Automobiles NV fell 4.2 percent after saying it is under investigation by U.S. authorities over how it reports sales.
S&P 500 futures expiring in September declined 0.3 percent. Netflix sank 12 percent in early New York trading. Goldman Sachs Group Inc. gained 0.4 percent after profit jumped 74 percent. Johnson & Johnson climbed 1.5 percent after posting higher earnings than projected and raising its annual sales forecast.
The MSCI Emerging Markets Index fell 0.2 percent after rising 6.2 percent in the previous eight sessions and sending valuations to the highest since May 2015.
Currencies
The Bloomberg Dollar Spot Index rose for a third day, climbing 0.5 percent to a three-week high.
The Aussie slipped 1.3 percent. Minutes published Tuesday from the Reserve Bank of Australia’s July 5 policy meeting showed that the central bank estimated the economy to have slowed last quarter and policy makers were concerned about currency appreciation. The likelihood of an August rate cut has increased to 56 percent from 45 percent over the past week, derivatives indicate.
New Zealand’s dollar dropped 1.1 percent. The central bank said it will require property investors buying housing in the nation to have a deposit of at least 40 percent from Sept. 1, compared with an existing requirement that such buyers in Auckland have at least a 30 percent deposit. Swaps traders are pricing in a 77 percent chance of a rate cut on Aug. 11, compared with 39 percent a week ago.
The pound fell 0.9 percent to $1.3133, after briefly paring declines following a report showing the U.K.’s annual inflation rate rose more than economists forecast in June.
Turkey’s lira weakened 0.2 percent as the central bank cut rates after the first policy meeting since last week’s failed coup. It lowered the overnight lending rate by a quarter of a percentage point, in line with estimates. Moody’s Investors Service put Turkey on review for a potential downgrade on Monday to “assess the medium-term impact” on growth and policy making institutions.
Commodities
Crude oil advanced 0.4 percent to $45.41 a barrel in New York, after falling as much as 0.8 percent.
Gold pushed higher, with bullion for immediate delivery traded up 0.3 percent at $1,332.55 an ounce.
Zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit. The metal used to galvanize steel rose as much as 1.3 percent to $2,247.50 a metric ton on the London Metal Exchange, the highest since May last year.
U.S. Treasuries due in a decade gained for the first time in four days, pushing their yield down by three basis points to 1.55 percent. The yield reached 1.60 percent in the last session, the highest it’s been since June 24, when the Brexit vote count was announced.
Similar-maturity bonds in Australia also advanced, cutting their yield by seven basis points to 1.92 percent. New Zealand’s yield fell seven basis points to 2.26 percent.
The cost of insuring corporate debt against default rose for the fourth time in five days. The Markit iTraxx Europe index of credit-default swaps on investment-grade companies rose one basis point to 73 basis points. An index of swaps on junk-rated companies climbed six basis points to 332 basis points.