By Lionel Laurent LONDON (Reuters) - Global equities pulled back from recent record highs on Wednesday, with investors turning cautious after underwhelming European PMI data and ahead of central bank meetings. U.S. jobs data due on Friday was also on investors' minds, pushing the dollar index to an 11 1/2-year high, while the euro crashed through support levels that have held for more than a month. It hit a six-week low under pressure from the imminent launch of the European Central Bank's bond-buying program. The MSCI All Country World equity index slipped 0.3 percent, with Asian shares lower overall despite data showing a modest pick-up in China's services sector and a surprise rate cut in India that boosted bonds and the rupee.
The cost-cutting forms a key plank of a revival plan outlined by Chief Executive Officer Brian Cornell, who has sought to narrow the retailer's focus to a handful of product lines where Target believes it has an edge on quality and price while also investing to catch up with rivals online. Cornell said Target's management needs streamlining and he wants to change the corporate culture from one focused on process to one that meets the demand of customers. Target said it was revamping its merchandise, in part to attract both millenials and Hispanics, seen as important to driving future sales growth. Target said the job cuts would primarily come from corporate locations in the Minneapolis area and in India that collectively employ about 26,000 people, and not from its roughly 1,800 stores across the United States.