Thursday, 15 November, 2018

Asia facing sharp falls after Wall Street wipes out 2018 gains

Dow Jones drops 400 points after major stock market declines in Europe & Asia Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs
Elsie Buchanan | 25 October, 2018, 10:06

The Nasdaq composite, with a hefty roster of tech stocks, bore the brunt of the sell-off, leaving it more than 10 percent below its August peak, what Wall Street calls a "correction".

Stocks have been shaky for weeks as investors have anxious about global growth, potential impacts from trade disputes, and the Fed's determination to raise interest rates.

USA stocks were easing back today from a steep, broad sell-off that knocked more than 500 points off the Dow Jones Industrial Average earlier in the day. Netflix gave back 9.4 percent and Amazon dropped 5.9 percent. The Russell 2000 index of smaller-company stocks gave up 4 points, or 0.3 percent, to 1,534. Natural gas declined 1.4 percent to $3.17 per 1,000 cubic feet. It was down 227 points, or 0.9 percent, to 25,089.

Bond prices continued to rise, sending yields lower, as traders sought safe-haven investments. The stock skidded 7.2 percent to $119.31.

Profits of S&P 500 companies are expected to have jumped almost 22 percent in the third quarter, slower than the previous two quarters, according to Refinitiv data.

The share price declines also came after data on United States home sales fell to their slowest pace in almost two years, and a Federal Reserve report showed firms nationwide are anxious about the rising hit from tariffs and widespread labor shortages. Other big decliners: Apple slid 2.2 percent to $217.86, while Alphabet fell 4.4 percent to $1,066.22. Although the Commerce Department is expected to report on Friday that U.S. GDP product grew at a healthy clip between July and October, economists now forecast that quarterly growth will slip below 3 percent in the fourth quarter and into 2019. Valero Energy slid 4.6 percent to $87.44.

The Chicago Board Options Exchange's volatility index, known as the VIX, or fear index, jumped 14 percent to its highest level in two weeks.

Cases Of Polio-Like Illness Now Under Investigation
" CDC has been actively investigating these AFM cases, and we continue to receive information about suspected AFM cases". Viruses, environmental toxins, and genetic disorders may play a role, CDC noted.


AP reported that more than 100 S&P 500 companies are expected to report strong third quarter results this week, and every sector except communications services is expected to show growth. The stock gained 5.7 percent to $176.16.

"They're coming in ahead of expectations, generally, but the degree to which they're beating expectations is less than what it has been in previous quarters", Delwiche said. Halliburton lost 4 percent to $34.95. Brent crude, used to price global oils, dropped 4.1 percent to $76.52 per barrel in London.

The dollar weakened to 112.44 yen from 112.47 yen on Tuesday. The euro fell to $1.1393 from $1.1467. It's anxious that the plans would prevent Italy from lowering its debt, which is second only to Greece among its members.

Elsewhere, China's Shanghai Composite and the Shenzhen Component fell 1.7 and 2.2% respectively.

The Dow lost 367 points, or 1.5 percent, to 24,939.

In Asia, Japan's Nikkei 225 index gave up 2.7 percent and the Kospi in South Korea tumbled 2.6 percent.

Down under, Australia's ASX 200 slid 2.2% in morning trade.

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