|Day's range||21,613.53 - 21,818.73|
|52-week range||20,347.49 - 24,448.07|
(Bloomberg) -- Asian stocks were mixed after another slide in U.S. equities overnight, with Federal Reserve Chairman Jerome Powell giving no indication recent volatility will play into the U.S. central bank’s next policy decision. Oil prices held above their recent low.
The S&P 500 Index slumped to the lowest in two weeks after a key Democrat raised questions about the revamped Nafta deal and selling in Apple Inc. rekindled worry that megacap tech earnings have peaked. An afternoon respite from the selling sparked by U.K. Prime Minister Theresa May clinching a Brexit deal with her cabinet gave way to a tumble into the close. Treasuries rose with gold as investors sought out havens ahead of comments from Federal Reserve Chairman Jerome Powell at 6 p.m. New York time.
EU markets were moving lower in early trading, but buyers stepped in on word a Brexit deal had been reached. The US index futures were slightly lower in early trading but spiked on word consumer-level inflation is contained.
China’s statistics bureau showed retail sales growth in China unexpectedly dipped to the slowest pace since May last month while real estate decelerated further. China’s Retail Sales report was disappointing. The year-to-year number came in at 8.6 percent higher, much lower than the 9.2 percent forecast. During the U.S. session, U.S. stocks jumped to their high for the session after White House economic advisor Larry Kudlow confirmed reports of renewed talks between the U.S. and China on trade.
Investing.com - Asian equities fell in morning trade on Wednesday, with Australian stocks down more than 1.5%. Reports that top White House economic advisor Larry Kudlow confirmed the U.S. is talking with China again on trade issues were in focus.
The S&P 500 ended Tuesday well off the day’s highs as West Texas crude hit a nine-month low, falling the most since 2011, after U.S. President Donald Trump criticized Saudi Arabia’s plan to cut output. The Dow Jones Industrial Average slid as Exxon Mobil and Chevron dropped. Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the U.S. and China are talking on “all levels” of government.
The conflict over trade has been hurting Japanese stocks as the market continues a seemingly inexorable downward trajectory since January, with any attempts to break the trend being quickly foiled as the market lurches lower. Automakers’ profits are hurt, for example, by increased tariffs on materials that they import to the U.S. from China. “For companies that have high exposure to China, it’s very likely that the wariness over the U.S.-China trade war has been reflected,” said Ayako Sera, a strategist at Sumitomo Mitsui Trust Bank Ltd. in Tokyo.
According to Axios, President Trump thinks threatening more tariffs on overseas-made cars is his best negotiating tactic on trade. The Axios report said Trump has told aides he was able to get a better trade deal with Canada because he threatened Canadian Prime Minister Justin Trudeau with levies on cars made in Canada.
Investing.com - Asian stocks slid in morning trade on Tuesday following a tech-led slump on Wall Street as Apple (NASDAQ:AAPL) tanked by 5%.
The S&P 500 Index and Dow Jones Industrial Average finished Monday near session lows. Major suppliers for Apple also fell as investors fretted about one of the most important product lines in the technology sector, and U.S. chip stocks followed suit. “The midterm bump was a relief rally that for once the polls were right, but then investors started thinking about what it all really means for fundamentals,” said Max Gokhman, head of asset allocation for Pacific Life Fund Advisors.
Bloomberg Opinion columnist Tim Culpan said that savvy investors would do well not to get caught up in the fluff and hype of the famous sales event. The one notable exception was China: The Shanghai Composite Index erased earlier losses to climb for the first time in six days as Premier Li Keqiang promised more support for the private sector over the weekend. Analysts have trimmed their estimates without mercy -- Goldman Sachs cut its target price by 17 percent, after CICC lowered its projection by 16 percent last week, data compiled by Bloomberg show.
Investing.com - Asian stocks advanced in afternoon trade on Monday, with Chinese stocks gained more than 1%. Reports that SoftBank Group Corp's domestic telecoms unit received approval to list on the Tokyo Stock Exchange on Dec. 19 received some focus.
Investing.com - Asian markets were mostly higher in morning trade on Monday, even after U.S. stocks closed lower on Friday amid a fresh round of selling in technology shares.
Then crude oil entered a bear market and alarm bells rang on China’s slowdown as tech stocks plunged. The MSCI Asia Pacific Index slumped 1.2 percent Friday, worsening the wipeout that already erased $4.3 trillion of market value this year. It’s anyone’s guess how regional stock markets will do on Monday but it isn’t looking good right now: the S&P 500 Index dropped 0.9 percent Friday and futures contracts on the Nikkei 225 fell.
Large-cap tech names dragged the Nasdaq 100 to a loss of more than 1.5 percent and trimmed a weekly advance for the S&P 500. Chipmaker Skyworks plunged after results signaled a slowdown in smartphone demand. West Texas Intermediate crude capped a 10th straight loss, sending small-cap energy shares tumbling more than 2.5 percent.
Investing.com - Asian stocks fell in morning trade on Friday as U.S. markets closed mixed overnight after the Federal Reserve left interest rates unchanged as expected.
Tech underperformed after Jack Dorsey’s Square Inc. gave a disappointing forecast and Roku Inc. reported slower growth, while a rout in energy companies helped pull down the S&P 500 Index from a one-month high. Investors had largely anticipated that the Fed wouldn’t change interest rates at today’s announcement, so instead were focused on looking for any signals on the pace of policy tightening into 2019. The central bank said “economic activity has been rising at a strong rate” and job gains “have been strong,” acknowledging a drop in the unemployment rate, while repeating its outlook for “further gradual” rate increases in its statement.
The post-election rally stalled in early trading as market participants focus on today’s FOMC policy announcement. Chinese indices slipped on weaker than expected trade surplus data.
The hope is that Presidents Donald Trump and Xi Jinping will come up with an agreement, says DBS Group Research, noting that a split Congress should have no bearing on the handling of the negotiations.
The markets are on the move, with China’s trade data impressing ahead of the FED’s policy decision and rate statement that could be a December green light.
Riskier assets were in favor after Democrats won control of the House of Representatives and Republicans held the Senate. The outcome dims chances that Donald Trump’s signature tax cuts will be reversed, but also makes less likely major fiscal initiatives that might have pushed up interest rates. Health-care shares rallied as investors saw reduced risk for major changes to the health system, while marijuana stocks gained after Michigan voted to permit recreational use and Attorney General Jeff Sessions -- a critic of legalization -- resigned.
Global stocks mostly rise after the Democrats got control over the House of Representatives, but the Senate remained under control of the Republicans.
Investing.com - Asian markets fell in afternoon trade on Wednesday. U.S. mid-term elections took centre stage as multiple networks including Fox, NBC, CNN, and FiveThirtyEight said the Democrats had won control of the House of Representatives, splitting Congress and boosting the party's ability to block President Donald Trump's political and economic agenda.