| | The major U.S. index futures are pointing to a lower open on Monday, with stocks likely to add to the steep losses posted last week
Lingering concerns about the outlook for the global economy may generate some selling pressure along with uncertainty about the potential for a trade deal between the U.S. and China.
At the Asia Pacific Economic Cooperation summit on Saturday, Vice President Mike Pence said the U.S. would not back down until China changes its ways.
The stark warning dampened investor hopes for a thaw in U.S.-Chinese trade relations ahead of the G20 summit later this month in Argentina.
A pullback by shares of Apple (AAPL) may also weigh on the markets, with the tech giant moving notably lower in pre-market trading after a report from the Wall Street Journal said the company slashed production orders for all three of the iPhone models that were unveiled in September.
Stocks showed a lack of direction during trading on Friday following the substantial rebound seen over the course of Thursday?s session. The major averages spent much of the day bouncing back and forth across the unchanged line before ending the session mixed.
While the tech-heavy Nasdaq slipped 11.16 points or 0.2 percent to 7,247.87, the Dow climbed 123.95 points or 0.5 percent to 25,413.22 and the S&P 500 rose 6.07 points or 0.2 percent to 2,736.27.
For the week, the major averages all posted steep losses. While the Dow plunged by 2.2 percent, the Nasdaq tumbled by 2.1 percent and the S&P 500 slumped by 1.6 percent.
The choppy trading on Wall Street came as traders seemed reluctant to make more significant moves amid lingering uncertainty about the global economic outlook and renewed anxiety about Brexit.
Buying interest was generated in mid-day trading, as President Donald Trump told reporters China "wants to make a deal" on trade.
Trump said China has provided a "large list" of trade items the communist country is willing to compromise on but argued any trade deal has to be "reciprocal."
The comments generated optimism about a U.S.-China trade deal, although White House officials subsequently told CNBC people should not read too much into the president's claims.
Meanwhile, traders largely shrugged off a report from the Fed showing a slight uptick in industrial production in the month of October.
The Fed said industrial production inched up by 0.1 percent in October after rising by a downwardly revised 0.2 percent in September.
Economists had expected industrial production to rise by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.
Utilities stocks rebounded strongly from recent weakness, with the Dow Jones Utility Average jumping by 2 percent after ending the previous session at its lowest closing level in well over a month.
PG&E (PCG) posted a standout gain after California Public Utilities Commission President Michael Picker reportedly told Wall Street analysts he could not imagine allowing the utility company to go bankrupt.
Significant strength also emerged among housing stocks, as reflected by the 1.4 percent advance by the Philadelphia Housing Sector Index.
Gold, biotechnology, and commercial real estate stocks also saw considerable strength on the day, while notable weakness remained visible among semiconductor stocks.
| | | |
At 10 am ET, the National Association of Home Builder is scheduled to release its report on homebuilder confidence in the month of November. The housing market index is expected to edge down to 67 November after inching up to 68 in October.
New York Federal Reserve President John Williams is due to speak in a moderated discussion with NYC Hispanic Chamber of Commerce President Nick Lugo at the Bronx Museum of the Arts in New York at 10:45 am ET.
| | | | | Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here | | | |
Shares of JD.com (JD) are moving notably lower in pre-market trading after the Chinese e-commerce company reported third quarter earnings that exceeded analyst estimates but weaker than expected revenues.
Consumer products company Spectrum Brands (SPB) may also move to the downside after reporting fiscal fourth quarter results that missed expectations and providing disappointing fiscal 2019 guidance.
On the other hand, shares of Resolute Energy (REN) are seeing significant pre-market strength after agreeing to be acquired by Cimarex Energy (XEC) in a cash and stock transaction valued at approximately $1.6 billion. | | | | | 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 experienced choppy trading on Monday but are currently mostly higher. While the U.K.?s FTSE 100 Index has climbed by 0.6 percent, the French CAC 40 Index is up by 0.2 percent and the German DAX Index is up by 0.1 percent.
Technology stocks are recovering from last week's selloff, with AMS and STMicroelectronics posting significant gains.
Italian telecom giant Telecom Italia has also jumped. The company's board appointed Luigi Gubitosi as its new CEO and General Manager by a majority vote.
Novo Nordisk shares have also advanced after JP Morgan upgraded its rating on the company?s stock to Overweight.
Miners Antofagasta, Anglo American and Glencore have also risen, tracking an uptick in copper prices.
Meanwhile, French automaker Renault has fallen sharply on a report that Nissan chairman Carlos Ghosn is facing arrest for alleged financial trading violations.
In economic releases, Eurozone's current account surplus decreased in September, figures from the European Central Bank showed.
The current account surplus fell to 17 billion euros in September from 24 billion euros in August. In the same month last year, the surplus was 40 billion euros.
Separately, figures from property market data website Rightmove showed U.K. house prices declined at the fastest monthly pace in seven years in November. Average asking prices tumbled 1.7 percent month-on-month to 302,023 pounds in November.
| | | | | 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 mixed on Monday after remarks from U.S. Vice President Mike Pence at the Asia Pacific Economic Cooperation summit on Saturday added to anxiety over the U.S.-China trade war.
Pence said the U.S. would not back down from its trade dispute until China changes its ways. The stark warning dampened investor hopes for a thaw in U.S.-Chinese trade relations ahead of the G20 summit later this month in Argentina.
Comments from two U.S. Federal Reserve officials cautioning about global economic growth and a CIA report concluding that Saudi Arabia's powerful Crown Prince Mohammed bin Salman was behind the killing of journalist Jamal Khashoggi also kept investors nervous.
China?s Shanghai Composite Index advanced 0.9 percent to close at a fresh one-month high of 2,703.51, helped by gains by financials and property developers. Hong Kong's Hang Seng Index closed up 0.7 percent at 26,372.
Japanese shares rebounded from last week's sell-off, with chip-related stocks outperforming. The Nikkei 225 Index climbed or 0.7 percent to 21,821.16 after losing 2.6 percent last week. The broader Topix Index closed 0.5 percent higher at 1,637.61.
Tech stocks bounced back after heavy losses last week following Nvidia?s disappointing earnings. Advantest gained 2.2 percent, Tokyo Electron rallied 3.6 percent and Screen Holdings jumped 3.7 percent.
Lower U.S. yields weighed on the banking sector, with Mitsubishi UFJ Financial and Sumitomo Mitsui Financial Group ending down around 2 percent.
In economic news, Japan posted a merchandise trade deficit of 449.3 billion yen in October, a government report showed, missing forecasts for a deficit of 70.0 billion yen following the 131.3 billion yen surplus in September.
Exports were up an annual 8.2 percent, shy of expectations for an increase of 8.9 percent, while imports surged up 19.9 percent versus forecasts for 14.1 percent
Meanwhile, Australian stocks fell notably, dragged down by financial and energy companies. The benchmark S&P/ASX 200 Index dropped 0.6 percent to 5,693.70, while the broader All Ordinaries Index also ended down 0.6 percent at 5,786.40.
Energy stocks such as Origin Energy, Woodside Petroleum and Santos fell over 1 percent after U.S. crude prices posted their sixth straight weekly loss. Viva Energy Group tumbled 12.2 percent after the company lowered its profit forecast for the 2018 financial year.
The big four banks fell between 0.6 percent and 0.8 percent as the royal commission's final public hearing kicked off. Health insurer Medibank Private slumped 6.1 percent after losing a defense contract.
Myer Holdings plunged 8.9 percent as it resumed trading after being forced into a trading halt on Friday amid reports that it may have breached disclosure rules by failing to provide details of the extent of its sales decline.
On the other hand, mining heavyweights BHP Billiton and Rio Tinto ended marginally higher amid stronger metal prices. Gold miner Evolution Mining jumped nearly 3 percent after gold prices rose on Friday.
Fairfax Media rallied 2.4 percent after the company's shareholders voted overwhelmingly in favor of the merger with Nine Entertainment. Nine Entertainment shares advanced 1.8 percent.
| | | |
Crude oil futures are slipping $0.21 to $56.25 a barrel after ending last Friday?s trading unchanged at $56.46 a barrel. Meanwhile, an ounce of gold is trading at $1,221.10, down $1.90 from the previous session?s close of $1,223. On Friday, gold climbed $8.
On the currency front, the U.S. dollar is trading at 112.80 yen compared to the 112.83 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is valued at $1.1430 compared to last Friday?s $1.1415.
| |
| | 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