Global stocks drifted lower Thursday as another round of strong U.S. economic data reinforced expectations that the U.S. Federal Reserve will begin to reduce its monetary stimulus this month.
Expectations that the Fed will decide to begin “tapering” its $85 billion in monthly asset purchases at its Dec. 18 meeting ratcheted up after the U.S. government reported that the U.S. economy grew at an annualized rate of 3.6 percent in the third quarter, its fastest pace since the first quarter of 2012. The increase was up from the previous estimate of 2.8 percent and largely due to an inventory buildup despite softer consumption and investment measures.
