Gold Silver Reports — European stocks edged higher, even as mining companies retreated with industrial metals following China’s credit-rating downgrade. The euro and dollar steadied as investors awaited fresh clues on the path for U.S. borrowing costs.
Miners were the among the worst performers on the Stoxx Europe 600 Index after Moody’s Investors Service reduced its rating on the world’s biggest commodities consumer, triggering declines across copper, nickel, zinc and iron ore. Still, the gauge managed to advance as most industries gained. The British pound strengthened after two days of losses. Oil extended gains a sixth day as OPEC prepares for a key meeting in Vienna.
Moody’s action on China briefly rattled Asian markets, but against a backdrop of strengthening global growth and the impending release of minutes from the Federal Reserve’s latest meeting, investors appeared to quickly move on. Fed Bank of Philadelphia President Patrick Harker said June “is a distinct possibility” for the U.S. central bank’s second interest-rate increase of 2017.