Receive Breaking News updates as they occur
By Marc Jones LONDON (Reuters) - A signal from the European Central Bank that it would slow its stimulus program from April next year spooked bond and money markets on Thursday and triggered a short sharp surge in the euro. Stock markets took the move in their stride with a closely-followed global index extending a three-month high but the decision to reduce the long-running bond buying scheme from April stunned debt markets. "From April 2017, the net asset purchases are intended to continue at a monthly pace of 60 billion euro until the end of December 2017, or beyond," the ECB said, detailing the move that will drop the purchases from 80 billion a month at present.
The stock has fallen 41 percent this year, compared with a 36 percent rise in the S&P 500 Department Stores Sub Index. Total revenue fell 14.3 percent to $5.03 billion in the third quarter ended Oct. 29, hit by lower demand at its Kmart and Sears outlets. Sears has not posted an increase in quarterly sales in the past five years.