| How to collect Up to $10,670 in "FREE" Crypto...? Act Now So You Don't Miss the Next FREE Crypto "Airdrop" Coming Tuesday, October 2, 2018 Click Here...  | | | | The major U.S. index futures are pointing to a lower opening on Tuesday, with stocks likely to move back to the downside after ending the previous session mostly higher.
Lingering trade concerns may weigh on the markets even after President Donald Trump announced a new trade deal between the U.S., Mexico, and Canada to replace the North American Free Trade Agreement.
Trump praised the new United States-Mexico-Canada Agreement as an ?historic transaction? but also said it is ?too early to talk? with China about the escalating trade dispute between the two countries.
?Can't talk now because they're not ready,? Trump said of China. ?Because they have been ripping us for so many years, it doesn't happen that quickly.?
He added, ?If politically, people force it too quickly, you're not going to make the right deal for our workers and for our country.?
Reports of the last-minute cancellation of U.S. Defense Secretary Jim Mattis? trip to China have added to the concerns about rising tensions.
After an early move to the upside, stocks gave back some ground over the course of the trading session on Monday. The major averages pulled back off their highs of the session, with the tech-heavy Nasdaq sliding into negative territory.
The major averages eventually ended the day mixed. While the Nasdaq edged down 9.05 points or 0.1 percent to 8,037.30, the Dow climbed 192.90 points or 0.7 percent to 26,651.21 and the S&P 500 rose 10.61 points or 0.4 percent to 2,924.59.
The initial strength on Wall Street came amid easing trade concerns after U.S. and Canadian officials agreed on a trade deal to replace the North American Free Trade Agreement shortly before a midnight deadline.
The new trade deal, called the United States-Mexico-Canada Agreement, or USMCA, will reportedly provide more market access to U.S. dairy farmers and effectively cap Canadian automobile exports to the U.S.
A joint statement by U.S. Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement will "strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home."
President Donald Trump, a harsh critic of NAFTA, also praised the USMCA as a "historic transaction" in a post on Twitter on Monday.
"It is a great deal for all three countries, solves the many deficiencies and mistakes in NAFTA, greatly opens markets to our Farmers and Manufacturers, reduces Trade Barriers to the U.S. and will bring all three Great Nations together in competition with the rest of the world," Trump tweeted.
The leaders of the U.S., Canada, and Mexico are expected to sign the new agreement before the end of November, although it will still need to be approved by Congress.
However, the optimism about trade may have been partly offset by Trump's subsequent remarks calling it "too early to talk" with China about a new trade agreement.
Traders largely shrugged off a report from the Institute for Supply Management showing a modest slowdown in the pace of growth in the U.S. manufacturing sector.
The ISM said its purchasing managers index fell to 59.8 in September from 61.3 in August, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to edge down to 60.3.
The slightly bigger than expected decrease by the index came after it reached its highest level in over fourteen years in the previous month.
Energy stocks saw significant strength on the day, benefiting from a sharp increase by the price of crude oil. Reflecting the strength in the energy sector, the NYSE Arca Oil Index jumped by 1.8 percent and the Philadelphia Oil Service Index climbed by 1.3 percent.
Considerable strength was also visible among chemical stocks, as reflected by the 1.3 percent gain posted by the S&P Chemical Sector Index.
Praxair (PX) led the chemical sector higher after Chinese regulators approved the company's proposed merger with Linde AG.
On the other hand, networking stocks came under pressure on the day, dragging the NYSE Arca Networking Index down by 2.5 percent.
| | | | | Famous Millionaire: "Amazon Is About to SHOCK America's Retirement" This "smoking gun" proves this could change the retirement of millions of Americans. To see what could be the biggest market shock of 2018. Click here...  | | | |
At 10 am ET, Federal Reserve Vice Chairman Randal Quarles is due to deliver testimony on the ?Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act? before the Senate Banking Committee in Washington, D.C.
Fed Chairman Jerome Powell is scheduled to speak at the 60th National Association for Business Economics Annual Meeting in Boston, Massachusetts, at 12 pm ET.
| | | | | Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here | | | |
Shares of Stitch Fix (SFIX) are falling sharply in pre-market trading after the online fashion subscription and personal shopping service reported better than expected fiscal fourth quarter earnings but weaker than expected revenues.
Footwear company Skechers (SKX) may also move to the downside after Citi downgraded its rating on the company?s stock to Neutral from Buy.
Shares of PepsiCo (PEP) are also seeing pre-market weakness after the beverage and snack giant reported fiscal third quarter results that exceeded analyst estimates but cut its full-year earnings guidance.
On the other hand, shares of General Electric (GE) may see further upside after RBC Capital upgraded its rating on the industrial conglomerate?s stock to Outperform from Sector Perform. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
Click Here | | | |
European stocks have fallen on Tuesday, as the initial euphoria over the re-negotiated NAFTA deal faded and U.S. President Donald Trump stepped up his trade war with Beijing by saying it was "too early" to negotiate with China.
Brexit worries and renewed concerns about heavily indebted Italy's budget also dented investors' appetite for risk.
While the U.K.?s FTSE 100 Index has fallen by 0.3 percent, the French CAC 40 Index and the German DAX Index are both down by 0.7 percent.
Italian banks Intesa Sanpaolo, UniCredit and Banco BPM have dropped after anti-euro rhetoric from a senior official from Italy's ruling party sparked a sell-off in the country's sovereign bonds.
Ferguson shares have also slumped. The British heating and plumbing products supplier has warned of challenging market conditions in the U.K. after reporting better-than-expected full-year trading profit and revenue.
Royal Mall has also plunged to extend losses after slashing its profit guidance for this year.
Meanwhile, Swedish home appliance manufacturer Electrolux has risen after it acquired SPM Drink Systems, an Italian manufacturer of professional dispensers of frozen and hot beverages and soft ice-cream.
In economic news, U.K. home prices logged steady growth in September, data from Nationwide Building Society showed. House prices grew 2 percent year-on-year in September, the same rate as seen in August. Prices were expected to climb 1.9 percent.
Survey data from IHS Markit showed the U.K. construction sector unexpectedly grew at the weakest pace in six months in September, as all three sub-sectors lost momentum.
The IHS Markit/CIPS UK construction purchasing managers' index fell to 52.1 from 52.9 in August. In contrast, economists had expected the index to rise to 53.
| | | | | Get your free PlusOne Coin. Plus One Coin (PLUS1) is a social media cryptocurrency where users can up-vote content and other social media. Claim it free from sponsored faucets here.. | | | |
Asian stocks ended mostly lower on Tuesday as an escalation of trade tensions between the U.S. and China as well as rising military tensions between the two countries dented investors? appetite for risk.
After announcing a new trade deal with Mexico and Canada, U.S. President Donald Trump on Monday said it was ?too early to talk? with China to resolve the trade dispute between the two nations.
Media reports also suggest that the Chinese military has dropped high-level security talks planned for mid-October with U.S. Defense Secretary Jim Mattis.
China?s financial markets remained closed for the week-long National Day holidays. Hong Kong's Hang Seng Index slumped 662.14 points or 2.4 percent to finish at 27,126.38 as traders returned to their desks after a long holiday weekend.
Investors fretted about the outlook for China?s economy after data released over the weekend showed a slowdown in the Chinese manufacturing sector in September.
Meanwhile, Japanese shares closed at a fresh 27-year high as a weaker yen boosted investor optimism over corporate earnings growth. The Nikkei 225 Index inched up 24.86 points or 0.1 percent to 24,270.62, while the broader Topix Index closed 0.3 percent higher at 1,824.03.
Exporters Canon, Honda Motor, Toyota Motor and Panasonic rallied 1-3 percent. Ono Pharmaceutical jumped over 3 percent on news that a Nobel Prize was awarded to researchers for a cancer-fighting method used in its drug Opdivo.
On the other hand, discount clothing chain Shimamura tumbled 8.2 percent after cutting its profit forecast for the year ending February 2019.
Australian shares fell notably, led down by banks after the release of the Royal Commission's interim report last week. The benchmark S&P/ASX 200 Index dropped 46.10 points or 0.8 percent to 6,126.20, while the broader All Ordinaries Index ended down 46.90 points or 0.8 percent at 6,245.80.
Financials extended recent losses, with the big four banks closing down between 0.7 percent and 1.2 percent. Investment bank Macquarie Group declined 1.6 percent and insurer Suncorp shed 1.3 percent.
AMP tumbled 2.9 percent on news that corporate watchdog ASIC was preparing to launch the first royal commission-related legal action against the wealth manager over the fees-for-no-service scandal.
Gold miner Evolution Mining dropped 1.1 percent, Newcrest lost 1.9 percent and St Barbara gave up 2.6 percent after the precious metal hit a six-week low last week.
Surging oil prices helped lift energy stocks, with Beach Energy, Santos and Origin Energy rising between half a percent and 1.3 percent.
Australia's central bank today left its benchmark interest rate unchanged, as widely expected, saying the low level of interest rates is continuing to support the Australian economy.
| | | |
Crude oil futures are inching up $0.03 to $75.33 barrel after soaring $2.05 to $75.30 a barrel on Monday. Meanwhile, after falling $4.50 to $1,191.70 an ounce in the previous session, gold futures are climbing $5.50 to $1,197.20 an ounce.
On the currency front, the U.S. dollar is trading at 113.80 yen compared to the 113.93 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1538 compared to yesterday?s $1.1578.
| |
| | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
ADVFN Le point sur les Marchés ...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
| | | | |
No comments:
Post a Comment