International markets roundup

NEW YORK: Wall Street has dipped, weighed down by energy stocks as oil prices drop and banks fall broadly for the first time in six days.

Wells Fargo, Bank of America, JPMorgan and Citigroup weighed more than any other stocks on the S&P 500, which has hit a string of record high in recent sessions on signs of an improving economy and promises by President Donald Trump to cut corporate taxes and regulations.

The so-called "Trump rally" has seen the S&P 500 rise about 5 per cent so far in 2017, with the Dow Jones Industrial Average up 4 per cent.

Now, with a strong fourth-quarter earnings season mostly complete, many investors say they need concrete signs of progress from Trump to justify more gains.

"Some of the excitement and enthusiasm over earnings and those Trump growth initiatives is starting to shift to more practical, day-to-day events," said Jeff Kravetz, a Phoenix-based regional investment director of the Private Client Reserve at US Bank.

In late trading, the Dow Jones Industrial Average was down 0.15 per cent at 20,581.76 points, while the Nasdaq Composite had dropped 0.3 per cent to 5,801.82.

The S&P 500 had lost 0.2 per cent to 2,343.99. The index ended higher for the seventh session in a row on Wednesday, its first such streak since September 2013.

LONDON: European equities fell after seven straight sessions of gains, with weaker metal prices weighing on miners and a poor update battering shares in engineering group Cobham.

The pan-European STOXX 600 fell 0.4 per cent after recent gains to a two-month high on Wednesday.

Cobham led the STOXX 600 lower, slumping 15.3 to its lowest level since August 2005 after the company missed a profit target that had already been repeatedly lowered and took a charge on a troubled contract with Boeing.

Germany's DAX and London's FTSE 100 both lost 0.3 per cent, down to 11,757.24 and 7,277.92, respectively

TOKYO: Asian markets were mainly higher with MSCI's main Asia index up 0.2 per cent to its highest since July 2015 after Wall Street earlier pushed into record-high territory.

Hong Kong's Hang Seng closed at an 18-month high, adding 0.5 per cent, to 24,107.70 points, the highest since August 2015, while the Hong Kong China Enterprises Index gained 0.2 per cent, to 10,455.02 points.

Analysts said sustained southbound inflows had helped the HK stock market. Chinese investors, including mutual funds and major insurers, have been steadily increasing their allocations, as regulators on the mainland tighten investments in wealth management products and other risky assets.

China's Shanghai Composite Index also gained 0.5 per cent, to 3,229.62.

Some investors said markets were looking slightly overvalued from a technical perspective after the bounce in recent weeks. For example, on a relative strength index (RSI), the MSCI Asia-ex Japan index was at its most overbought since 2015.

Tokyo's Nikkei 225 fell 0.5 per cent to 19,347.53.

WELLINGTON: The S&P/NZX50 Index fell 80.05 points, or 1.1 per cent, to 7,099.98.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    0.7663-0.0029-0.38%
    AUDUSD=X
    0.6181+0.0022+0.36%
    AUDGBP=X
    0.7229+0.0021+0.29%
    AUDEUR=X