WPP WPP PLC

By Riva Gold and Ese Erheriene 
   -- Dow poised to edge lower after best day since April 
 
   -- Mexican peso under pressure after Trump comments 
 
   -- Media sector leads declines in Europe 

A recent rally in global stocks showed signs of stalling Wednesday while traditional market havens posted a modest advance.

The Stoxx Europe 600 edged down 0.1% in the early minutes of trading following its best session in over a week. The media sector led declines as shares of WPP PLC, the world's largest advertising company, fell 8% after its revenue growth slowed and it lowered its forecast for the full year.

Asian shares reversed early gains to end little changed while futures pointed to small opening declines on Wall Street after the Dow Jones Industrial Average's biggest daily jump since late April.

Some analysts attributed Wednesday's muted trading to comments from U.S. President Donald Trump on Tuesday threatening to shut down the government to secure funding for a wall on the southwest border as well as nervousness ahead of a central banking conclave in Jackson Hole, Wyo., beginning Thursday.

The Mexican peso was down 0.5% against the dollar while market havens including gold and the Japanese yen drew modest support. The yield on 10-year Treasurys fell to 2.207% from 2.215% Tuesday. Yields move inversely to prices.

Still, many investors noted that recent jitters have come in thin summer trading and U.S. stocks remain close to record highs. The Dow added nearly 200 points on Tuesday as shares rebounded from a recent bout of risk aversion triggered by geopolitical concerns and escalating uncertainty around policy from the White House.

"With valuations elevated here, the market is going to be more vulnerable to short-term negative news and negative shocks," said Katie Nixon, chief investment officer at Northern Trust Wealth Management.

"But unless something really impacts the economy, it's unlikely that the market impact will be long-lasting," she said, given the current state of growth and corporate earnings.

Earlier, Japan's Nikkei Stock Average rose as much as 0.9% from a four-month closing low but pared gains to 0.3% as the yen rebounded against the dollar.

Australia's stock benchmark shed early gains as losses deepened among shares of utilities companies. The S&P/ASX 200 was off 0.2%.

The Shanghai Composite Index was down 0.2%, with steel and precious-metals stocks the biggest decliners amid a 5% pullback in iron-ore and steel-rebar futures, both of which have rallied in recent weeks. The country's steel association late Tuesday said it saw limited room for further price gains. Meanwhile, China's top prosecutor vowed to intensify a crackdown on financial crimes that disrupt securities- and futures-market orders.

Trading in Hong Kong was halted as Typhoon Hato passed by the city.

Yifan Xie contributed to this article.

Write to Riva Gold at riva.gold@wsj.com and Ese Erheriene at ese.erheriene@wsj.com

(END) Dow Jones Newswires

August 23, 2017 03:46 ET (07:46 GMT)

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