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Lingering concerns about the outlook for to the global economy are likely to weigh on the markets following the release of a report showing a contraction in Chinese manufacturing activity in the month of December.
The report said the Caixin/Markit manufacturing purchasing managers? index edged down to 49.7 in December from 50.2 in November. The reading below 50 indicated the first contraction in nineteen months.
Iris Pang, Greater China Economist at ING, noted the disappointing manufacturing data comes on the heels of reports showing an annual drop in industrial profits and softer retail sales growth.
?We believe that the data reflect that not only has the trade war damaged growth in the export sector. It has also hurt export-related supply chain companies and in turn, domestic demand,? Pang said.
?If domestic demand is not supported by fiscal stimulus quickly, then further weakening will pose a risk to job security,? she added. ?That could create a vicious downwards cycle.?
The ongoing government shutdown in the U.S. may also generate selling pressure, with traders likely to keep an eye on the White House amid reports President Donald Trump has invited congressional leaders to a meeting this afternoon.
The meeting comes as the partial government shutdown has entered its twelfth day due to an impasse over funding for Trump?s controversial border wall.
Democrats are due to take control of the House on Thursday and intend to move forward with plans to reopen the government without providing funding for the wall, but any bills will need Republican support in the Senate.
Stocks fluctuated over the course of the final trading day of 2018 on Monday before ending the session notably higher. The major averages all closed firmly in positive territory after turning in a mixed performance last Friday.
In the final minutes of trading, the major averages showed a strong move to the upside. The Dow jumped 265.06 points or 1.2 percent to 23,327.46, the Nasdaq climbed 50.76 points or 0.8 percent to 6,635.28 and the S&P 500 advanced 21.11 points or 0.9 percent to 2,506.85.
Nonetheless, the major averages moved significantly lower for the year due largely to the sell-off seen in recent weeks. The Nasdaq tumbled by 3.9 percent, while the Dow and the S&P 500 plunged by 5.6 percent and 6.2 percent, respectively.
The higher close on the day may partly have reflected window dressing, with mutual fund and other portfolio managers looking to improve their performance for the year.
Buying interest was also generated in reaction to comments from Trump expressing optimism about a U.S.-China trade deal.
In a post on Twitter on Saturday, Trump he had a "long and very good" telephone call with Chinese President Xi Jinping.
"Deal is moving along very well," Trump tweeted. "If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!"
Despite Trump's optimism about the potential for a long term trade deal between the world's two largest economies, traders remain skeptical.
Traders also seemed reluctant to make more significant moves amid the ongoing government shutdown in the U.S. and lingering concerns about the global economy.
A lack of major U.S. economic data also kept some traders on the sidelines along with the New Year's Day holiday on Tuesday.
Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 2.3 percent.
The index continued to recover after ending last Monday's trading at its lowest closing level in well over a year.
Considerable strength also emerged among gold stocks, as reflected by the 1.5 percent jump by the NYSE Arca Gold Bugs Index. The strength in the sector came despite a modest decrease by the price of gold.
Healthcare, retail, and networking stocks also saw significant strength on the day, while tobacco stocks showed a notable move to the downside.
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No major U.S. economic reports are scheduled to be released today.
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Shares of Activision Blizzard (ATVI) are seeing notable pre-market weakness after the video game publisher said CFO Spencer Neumann was terminated for cause for violating his legal obligations to the company. Neumann will be replaced by former CFO Dennis Durkin.
Online retail giant Amazon (AMZN) may also move to the downside after Evercore lowered its price target for the company?s stock to $1,800 per share from $1,990 per share.
Shares of Tesla (TSLA) are also likely to come under pressure after the electric car maker reported weaker than expected fourth quarter deliveries.
Meanwhile, shares of Bausch Health (BHC) may see initial strength after Piper Jaffray upgraded its rating on the drugmaker?s stock to Overweight from Neutral. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have fallen sharply on Wednesday, tracking weak Asian markets as disappointing manufacturing data from China added to investor concerns over slowing global growth.
U.S. stock-index futures also extended declines on the first trading day of the year as the government shutdown entered its 12th day with no signs of a workable plan.
Closer to home, the eurozone manufacturing PMI dipped to 51.4 in December from November's 51.8, falling to the lowest level since February of 2016. Meanwhile, the U.K. PMI extended its upbeat momentum in the month to hit a six-month high of 54.2.
German employment grew to a record high in 2018 despite a slowdown in the economy, preliminary figures from the Federal Statistical Office showed. The number of employed grew by 562,000 persons or 1.3 percent to an annual average 44.8 million.
While the French CAC 40 Index has tumbled by 1.5 percent, the U.K.?s FTSE 100 Index is down by 0.8 percent and the German DAX Index is down by 0.5 percent.
Automakers have led the declines, with Daimler, Volkswagen, Renault and Peugeot showing notable moves to the downside. Banking stocks have also moved mostly lower.
Oil giant BP Plc and Tullow Oil are also under pressure as oil prices drop more than 1 percent on growth worries and concerns over surging output in the U.S. and Russia.
Hammerson is also posting a steep loss after the real estate firm said its financial performance for the year ended December 31, 2018 is anticipated to be in line with market expectations.
On the other hand, upstream oil and gas exploration and production company Ophir Energy has jumped after confirming talks with a potential new owner.
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Asian stocks tumbled on Wednesday as the U.S. government shutdown entered its 12th day and a private survey showed that China's manufacturing sector contracted for the first time in 19 months in December due to ongoing trade friction with the U.S. Markets in Japan and New Zealand remained closed for the New Year holidays.
China's Shanghai Composite Index tumbled 28.61 points or 1.2 percent to 2,465.29 as the Caixin/Markit manufacturing PMI dropped to 49.7 in December from 50.2 in November, adding to investor concerns over slowing growth. Hong Kong's Hang Seng Index plunged 715.35 points or 2.8 percent to 25,130.35.
Australian stocks also ended sharply lower after a late-afternoon slide. The benchmark S&P/ASX 200 Index slumped 88.60 points or 1.6 percent to 5,557.80 in light trading after losing nearly 7 percent in 2018, marking its worst year since 2011. The broader All Ordinaries Index ended down 83.80 points or 1.5 percent at 5,625.60.
The big four banks fell around 2 percent after a report showed property values across the country fell for the 15th consecutive month in December.
Mining heavyweights BHP and Rio Tinto dropped 1.6 percent and 2.3 percent, respectively, while energy stocks Woodside Petroleum, Oil Search and Santos tumbled 3-4 percent.
Shares of AusQuest plunged 15.8 percent after the mining exploration company said it is abandoning two of its projects in Western Australia.
India's Sensex, Singapore's Straits Times index and Malaysia's KLSE Composite index were down around 1 percent in the absence of fresh overnight cues from Wall Street and Europe, which were closed for the New Year's Day holiday.
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Crude oil futures are sliding $0.71 to $44.70 barrel after inching up $0.08 to $45.41 a barrel on Monday. Meanwhile, after slipping $1.70 to $1,281.30 ounce in the previous session, gold futures are climbing $5.30 to $1,286.60 an ounce.
On the currency front, the U.S. dollar is trading at 109.15 yen compared to the 109.74 it fetched on Tuesday. Against the euro, the dollar is valued at $1.1373 compared to yesterday?s $1.1465.
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| The 12 Stocks of Christmas Who could rebound the most in December? The end of the year is an excellent time for traders; data going back over three decades notes that December often sees a stock market rally to cap the end of the trading year. This report looks at 12 Stock Picks for this year's Santa Rally to assess which of them have the best potential for recovery.78% of retail clients lose money, consider affordability. Download Here | | | London open: Miners pace decline as 2019 kicks off in the red | | | | | London stocks kicked off the new year with sharp losses on Wednesday as miners slumped following the release of disappointing Chinese manufacturing data. At 0830 GMT, the 100 was down 1.8% at 6,604.36, with only three shares in positive territory. The pound was down 0.1% against the dollar at 1.2731 and flat versus the euro at 1.1112. China’s private Caixin/Markit manufacturing purchasing managers’ index released earlier showed a drop to 49.7 in December from 50.2 in November. This marked the lowest reading since May 2017 and the first contraction in 19 months and missed expectations of 50.1. The figures confirmed a trend seen in the official PMI released on Monday, which slipped to 49.4 in December - its weakest level since early 2016. "This is not a good indicator as we eye tariffs biting even harder in 2019 than they did last year,” said Neil Wilson, chief market analyst at Markets.com. "On the whole, there is little to cheer about, unless you’re viewing this as a chance to snap up some bargains. Following the worst year in a decade for global equities, it’s little surprise to see a tentative start to 2019 and this does create opportunities, but investors should be prepared for more volatility ahead." The weak Chinese data overshadowed news overnight that US President Trump was reaching out to Congress to help end the partial government shutdown. Trump has reportedly invited congressional leaders to a White House briefing on border security on Wednesday. Miners suffered heavy losses on the back of the Chinese data, with BHP, Glencore, Rio Tinto, Antofagasta and Anglo American all in the red. Energy shares were also under the cosh, with BP, Shell, Premier Oil and Tullow Oil all lower as oil prices fell amid worries about oversupply. The risk-off environment was weighing on oil, said market analyst Craig Erlam at Oanda, with Brent and WTI crude down 2% to $52.59 and $44.51 a barrel respectively. "Both are around 40% off their highs of only three months ago and continue to look vulnerable, albeit to a lesser extent than they have in recent months," Erlam said. "Slower global growth is clearly a strong headwind for oil but I wonder whether the doom and gloom is a little overdone and with OPEC+ seemingly committed to bringing balance back into the market, the bottom may not be far away." Smith & Nephew shares slid as JPMorgan cut the stock the to 'neutral’ from 'overweight’ and chopped the target price to 1,477p from 1,487p following outperformance. Elsewhere, Playtech lost ground after saying it would pay an extra €28m in tax to Israel after an audit covering the 10 years to 2017. The company said it had reached a deal with the Israeli tax authorities over transfer pricing adjustments with no penalties imposed as a result of the audit. Egyptian gold miner Centamin retreated as it postponed the replacement of executive chairman Josef El-Raghy, who will now remain in the role as a non-executive director until 2020 as the company has not yet identified a suitable replacement. International PPL slipped as it appointed Michael Gerrard as chairman of the board of directors. Energean Oil and Gas rallied after saying it had signed a $900m, 19-year gas sales deal with IPM Beer Tuvia Ltd. Next was higher ahead of its trading update on Thursday. | | | | | MERRY CHRISTMAS For a limited time only we are offering a 2 week FREE Trial of our Trading Alerts. Register now | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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| | | | | Are you looking for a profitable trading strategy? Do you have 20 minutes a day to follow this strategy? Yes! Then you need to watch this session. In fact for the past 6 months this strategy has been averaging +1275 pips per month! Book A Free Place To Find Out More | | | US close: Wall Street stocks endure worst year in a decade | | | | | A final New Year's eve hurrah, thanks to signs of progress in US-China trade talks, was not enough to stop Wall Street from enduring its worst year since the financial crisis in 2008 and worst December since 1931. The Dow Jones Industrial Average ended 2018 with a daily rise of 265.06 points or 1.2% at 23,327.46, but still falling almost 10% in December and 6% for the year as a whole. The S&P 500 gained 0.9% on the day to 2,506.85 but down 7% over the year, while the Nasdaq climbed 0.9% on the last day of the year but still recorded a dropof 5.3% for the past 12 months. Indications of improving relations between the US and China helped to lift the tone after US President Donald Trump hailed "big progress" in talks over the weekend. Trump tweeted on Saturday: "Just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!" After the tweet, the Wall Street Journal cited sources familiar with the negotiations as saying that Trump "may be overstating how close the two sides are to an agreement". However, a statement on Sunday from Lu Kang, the spokesperson for China’s foreign ministry, seemed to confirm Trump's trade optimism. "China stands ready to work with the US to implement the important consensus reached by President Xi Jinping and President Trump in Argentinaa, expand co-operation on the basis of mutual benefit, manage differences on the basis of mutual respect," Lu said. Market analyst Joshua Mahony at IG was sceptical. "We have seen many false dawns in the past, yet traders will be well aware of the fact that a breakthrough and reversal of current tariffs could bring huge benefits for US firms in particular." On the downside, however, investors were mulling over the ongoing US government shutdown and disappointing Chinese data. In Beijing, the National Bureau of Statistics’ official manufacturing purchasing managers’ index printed at 49.4 this month from 50.0 in November, falling short of expectations for a reading of 49.9 and marking the lowest level since February 2016. The sub-index for total new orders declined into contraction territory and hit its lowest level since February 2016. Meanwhile, the US government shutdown entered its second week, as Trump and the Republicans remained at odds over funding for his Mexican border wall. Colin Cieszynski, chief market strategist at SIA Wealth Management, expects stocks to test higher once the government shutdown comes to an end in the new year. The bear market will continue after that, said Renaissance Macro Research's Jeff deGraaf: “Looking ahead into the first few weeks of the new year, we continue to believe the market will climb higher as tactical internal and sentiment extremes moderate, while sucking the optimists back in, before ultimately taking the next leg down in this bear market. For the S&P 500, deGraff eyed a wide trading range of about 10%, with support at 2,346 and resistance at 2,600. Among individual stocks on Monday, Amazon gained ground after a report that the company plans to expand its Whole Foods grocery stores in the US. Disney topped the Dow as its festive film, Mary Poppins Returns, notched up a 12-day total of $98.5m, while online rival Netflix sat atop the S&P tree after reports that it will soon announce the appointment of media finance veteran Spencer Neumann as its new chief financial officer. | | | Wednesday newspaper round-up: Rail fares, retailers, Rio Tinto, City fines | | | | | Rail passengers who spent 2018 wrestling with strike action, widespread cancellations and the worst punctuality in a decade will stage protests at railway stations around the country on Wednesday as fares rise by 3.1%. As commuters begin returning to work after the Christmas holiday, they face above-inflation ticket price increases described by Labour as an “affront” following well-documented disruption last year. – Guardian The City is bracing itself, to discover just how brutal Christmas 2018 was for the UK high street, with a string of crucial announcements threatening to add to retailing’s woes. The key period comes as panic mounts within the sector after the Sports Direct tycoon Mike Ashley said last month that trading was so bad for many chains it “will literally smash them to pieces”. Music and film retailer HMV and regional menswear chain Greenwoods have both slumped into insolvency over the past few days. - Guardian Mining giant Rio Tinto has further delayed the payment of a multi-million pound bonus to former boss Sam Walsh as it awaits the outcome of bribery investigations relating to its activities in Guinea. Mr Walsh has been waiting almost two years for the payment, which was first postponed in 2017 after Rio alerted the Serious Fraud Office and the US Department of Justice about payments in connection with the planned Simandou mine. - Telegraph Payouts for top staff at hedge fund Cheyne Capital almost doubled to £37m last year as profits boomed. Senior management and other “risk-takers and control functions [staff]” at the investment firm took home the combined windfall, up from £19m the year before. Cheyne’s highest-paid member bagged a £7m payout as profits rocketed by around 80pc to £44m and turnover increased from £46m to £72m. - Telegraph Smaller employers expect more of their staff to opt out of saving for their pensions when minimum deductions from their pay packets are increased this April, immediately after Brexit. According to a survey by the Association of Consulting Actuaries, 65 per cent of businesses employing fewer than ten people expect modest or substantial decreases in participation. - The Times Fines in the City fell sharply last year after a drop in blockbuster penalties against companies. The Financial Conduct Authority levied £60.5 million in 2018, down by almost three quarters on the £229.5 million the previous year. It was the second smallest haul by the City regulator since the £35 million taken in 2009. Fines peaked at £1.47 billion in 2014, when banks were hit for rigging the Libor interest rate and for foreign exchange failings. - The Times | |
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