stocks drop


Tokyo stocks drop after US-China trade hopes recede

TOKYO, Oct 10 — Tokyo stocks dropped in early trade today after opening higher, as hopes for a US-China trade deal receded ahead of talks in Washington. The benchmark Nikkei 225 index fell 0.50 per cent, or 107.51 points to 21,348.87 shortly after…

US stocks fall as market eyes trade talks

NEW YORK, Oct 7 — Wall Street stocks dropped early today ahead of closely-watched US-China trade talks, while investors began to look ahead to the third-quarter corporate earnings season. Top officials from Beijing will be in Washington this week…

US stocks drop as latest tariffs take effect

NEW YORK, Sept 3 — Wall Street stocks fell early today in the first session since new tariffs took effect in the escalating US-China trade war. Both countries imposed new levies on September 1, with the US assessing 15 per cent tariffs on an…

Wall Street tumbles on geopolitical tensions, recession fears

NEW YORK, Aug 13 ― US stocks dropped in a broad sell-off yesterday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession. All three…

ECB report eases earnings pain for European stocks

LONDON, July 19 ― European stocks ended lower yesterday, as earnings worries ran high after poor results from software firm SAP sank technology shares, although hopes of looser monetary policy from the European Central Bank helped indexes bounce…

Stocks wobble on trade, earnings unease; US Treasury yields fall

TOKYO: Asian shares edged lower on Thursday as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings, which helped underpin solid demand for safe-haven U.S. Treasuries.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%, while Japan’s benchmark Nikkei shed 1.7% and Australian shares fell 0.3%.

Chinese shares followed the suit, with the benchmark Shanghai Composite and the blue-chip CSI 300 down 0.7% and 0.6%, respectively, while Hong Kong’s Hang Seng retreated 0.5%.

South Korea’s market was off 0.4% after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years, as uncertainties from a trade dispute with Japan added to anxiety about the economy’s outlook.

On Wall Street, all three major indexes fell on Wednesday as weak results from trade-related CSX Corp stoked concerns that the protracted trade standoff between the United States and China could hurt U.S. corporate earnings.

Earlier in the week, U.S. President Donald Trump kept up pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods, amid market nervousness over when face-to-face talks will resume.

The Wall Street Journal reported that progress toward a U.S.-China trade deal has stalled while the Trump administration determines how to address Beijing’s demands that it ease restrictions on Huawei Technologies.

The Dow Jones Industrial Average fell 0.4%, the S&P 500 lost 0.7% and the Nasdaq Composite dropped 0.5%.

Netflix Inc shares tumbled in after-market trade after the world’s dominant subscription video service lost U.S. streaming customers for the first time in eight years and missed targets for new subscribers overseas, raising worries in an already nervous the market.

Treasury yields slid as concerns about the U.S.-China trade war boosted demand for safe haven debt and after data showed weakness in the U.S. housing market.

Yields on benchmark 10-year and 30-year bonds climbed more than seven basis points each, to 2.06% and 2.57%, respectively.

U.S. homebuilding fell for a second straight month in June and permits dropped to a two-year low, suggesting the housing market continued to struggle despite declining mortgage rates.

In the foreign exchange market, the dollar nursed light losses on Thursday, weighed down by lower U.S. yields and a rebound by the pound from 27-month lows.

The International Monetary Fund (IMF) on Wednesday said the dollar was overvalued by 6% to 12%, based on near-term economic fundamentals.

The dollar index versus a basket of six major currencies was not much changed at 97.099 after shedding 0.2% the previous day.

The euro also was nearly flat at $1.1238 after crawling up marginally 0.1% on Wednesday. The greenback fell 0.2% to 107.72 yen, extending an overnight loss of 0.3%.

Sterling was steady at $1.2437. It had stumbled to $1.2382 overnight, its lowest level since April 2017 on concerns of a no-deal Brexit.

“Risks of a no-deal Brexit have increased to worryingly high levels. Investors should be concerned,” said Seema Shah, London-based chief strategist at Principal Global Investors.

“In the scenario where a no-deal Brexit becomes a realistic prospect, the continued decline in sterling will be just a drop in the ocean.”

Britain’s fiscal watchdog is expected to say on Thursday the country’s economy will fall into a recession next year and that its economy will be 3% smaller in the event of a “no-deal” Brexit, The Times newspaper reported.

Precious metals were in demand, with gold prices hitting their highest in two weeks on Thursday, as weaker-than-expected U.S. data reinforced expectations for an interest rate cut by the U.S. Federal Reserve later this month, dragging the dollar lower.

Spot gold gained as much as 0.2% to hit $1,429.10 per ounce, its highest level since July 3. Silver climbed as much as 1.0% to 16.12, its highest level since February, extending gains for a fourth straight session.

Oil prices steadied on Thursday after falling in the previous session when official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season.

Brent crude futures were up 0.3% to $63.86 a barrel, while U.S West Texas Intermediate (WTI) crude futures edged up 0.1% to $56.84 a barrel.

Asian stocks wobble, bond yields fall on earnings woes, trade worries

TOKYO, July 18 — Asian shares wobbled in early trading today as Wall Street stocks dropped on early signs that the US-China trade war could hurt corporate earnings, helping to underpin solid demand for safe-haven US Treasuries. MSCI's broadest…

Global stocks dip as trade dims earnings outlook, Mexican peso falls

NEW YORK, July 10 ― A gauge of stock markets around the world fell yesterday as trade tensions weighed on the outlook for corporate earnings, while Mexico's peso tumbled after the country's finance minister resigned. European and US stocks dropped…

Hong Kong stocks drop more than 1pc

HONG KONG, June 25 — Hong Kong shares fell more than one per cent today, hit by concerns over rising Iran-US tensions and as investors await this week’s crucial trade talks between Donald Trump and Xi Jinping. The Hang Seng Index sank 1.15 per…

Wall Street slips as Huawei fallout hits tech shares

NEW YORK, May 21 ― US stocks slid yesterday as the White House's restrictions on Chinese telecoms equipment maker Huawei Technologies Co Ltd weighed on the technology sector and raised concerns that the move would further inflame trade tensions…