Markets Right Now: Asian shares fall after rout on Wall St

26 October, 2018, 02:02 | Author: Mary Valdez
  • Wall Street

In New York trading overnight, the Nasdaq composite with its hefty roster of tech stocks bore the brunt of the sell-off, falling more than 10 per cent below its August peak, what Wall Street calls a "correction".

Shares in troubled wealth manager AMP were in free fall, down 24.5 per cent to $2.50 at close, after announcing it will sell its Australian and New Zealand wealth protection and mature businesses to London-based insurance firm Resolution Life for $3.3 billion. The industrial manufacturer said it expects raw material prices to continue climbing, and for tariffs to have a roughly $100 million negative impact on the company's sourcing costs next year. Japan's Nikkei 225 index rose 0.4 percent after a private survey pointed to a recovery in manufacturing in October.

Weak readings on manufacturing in Europe added to angst over world growth, as did a surprise slump in U.S. home sales which suggested rising mortgage rates were sapping demand for housing. Technical buying at support levels around 2,700 on the S&P 500 also helped stocks to bounce back, strategists said.

Several big companies, including Amazon, AT&T and Alphabet, have reported earnings or revenue this week that fell short of expectations.

Twitter rose 18.6 percent after strong ad sales boosted third-quarter profit, while Comcast gained 18.6 percent after the media company's quarterly results beat Wall Street estimates.

Elsewhere in Asia, South Korea's stock exchange fell 2 percent.

The two countries are locked in a dispute over US allegations that China steals USA technology and forces US companies to share trade secrets in exchange for access to the Chinese market.

Boeing jumped 3.3 per cent after beating analysts' earnings forecasts.

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The Dow lost 462 points, or 1.8 percent, to 24,853.

Texas Instruments dropped 8.2 percent, helping pull the Philadelphia Semiconductor index .SOX down 6.6 percent in its biggest daily percentage drop since October 2014. The Nasdaq Composite.IXIC dropped 140.08 points, or 1.88 percent, to 7,328.55 at the opening bell.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 percent.

Currency dealers were also cautiously reversing out of Swiss franc and Japanese yen safety trades and Italian and Spanish bonds made ground as traders waited to see what message the European Central Bank delivers at its meeting later.

Benchmark U.S. crude fell 3.4 percent to $66.97 per barrel in NY. Brent crude, used to price global oils, dropped 4.1 percent to $76.52 per barrel in London.

The dollar weakened to 112.19 yen from 112.82 yen on Monday. Within that group around 180 stocks are now in bear market territory, with their shares having lost more than 20 percent of their value since hitting their 52-week high. The euro fell to $1.1387 from $1.1467. Australia's S&P-ASX 200 dipped 1.1 percent.

Citi has lowered its global growth forecast for both 2019 and 2020 by 0.1 percentage point each to 3.2 percent and 3 percent, respectively, it said in a note Thursday, citing policy tightening by the U.S. Federal Reserve.



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