U.S. Stocks Pare Gains on Report Pressing for ECB to Share Power
U.S. stocks pared earlier gains after policy planning documents showed the U.K. is pressing for the European Central Bank to share power with national regulators as it takes over euro-area bank supervision.
The Standard & Poor’s 500 Index rose 0.1 percent to 1,405.60 at 1:20 p.m. in New York, trimming an earlier advance of as much as 0.4 percent.
The ECB should have a core set of central powers to oversee all banks in the 17-nation currency bloc while delegating some tasks to individual countries, under one option favored by the U.K. and European Union economic policy officials. The ECB supports a similar “light touch” approach that would leave day- to-day supervision for most banks in the hands of national authorities, according to the documents obtained by Bloomberg News.