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.

Graffiti on Yale Campus Quotes Christine Blasey Ford on Kavanaugh
But Kavanaugh knew that the Republican-controlled committee would never allow Mark Judge to testify. During her testimony at Kavanaugh's confirmation hearings in late September, she was asked by Sen.

USA lawmakers question Saudi explanation of Khashoggi's death
Another report says a member of Prince Mohammed's entourage made four calls to the royal's office around the same time. Five Turkish employees of the consulate also gave testimonies to prosecutors on Monday, Turkish media reported.

Broncos backup QB Kelly arrested in trespassing case
Kelly aka Swag played for Clemson in 2013 and was 10-for-17 for 58 yards, but was dismissed following 2014 spring practice. According to a police report, Kelly allegedly said, "I'm going to go to my vehicle and get my AK-47 and spray this place".

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.

Recommended:



Popular

In DeSantis-Gillum contest, race is more than a subtext
DeSantis replied, "Businesses will leave the state, people will lose jobs and we'll stop people from investing in Florida". The victor of the November 6th election will replace Republican Rick Scott , who is barred from seeking a third term.

Megyn Kelly Is Done At NBC After Her Blackface Remarks
After just eight episodes, "Sunday Night with Megyn Kelly " was pulled, but not before Kelly had drummed up some controversy. At the same time, her former association with Fox caused some NBC colleagues and viewers to regard her with suspicion.

Hamilton questions if Mercedes let title hurt strategy
"Only for me does the hard time seem to be not over", he explained. "I wasn't really at any point disappointed with the decision".

Chelsea defender Alonso signs new contract until 2023
The winger, 27, has been in scintillating form for the west London club but now faces a spell out of action with a back injury. After a draw with Manchester United at the weekend, Maurizio Sarri will want his side to get back to winning ways.

United States to revoke Saudi visas in aftermath of Khashoggi ‘killing’
I haven't gotten a full recap, as you know. "As we all know, these are hard days for us in the kingdom of Saudi Arabia", he said . Salah (#JamalKhashoggi son, banned from travel) had to shake hands with (the person) who is believed to be his dad's killer.

Duchess Of Cambridge Kate Middleton Looks Like Disney Princess In McQueen Gown
Prince Charles, the Prince of Wales and Camilla, the Duchess of Cornwall were also on hand for the banquet for 150 guests. Meghan Markle has also not been offered the honor, which is understandable considering she is a very new royal.

Explosive devices found at Clinton and Obama homes
The New York FBI said it was aware of the package targeted at the Clintons and is investigating, but declined to comment further. On Monday, an explosive device also was found in the mailbox at the Bedford, New York , home of George Soros .

Pakistan Secures $6 Billion Support Package From Saudi Arabia
Khan added, "Now what we are hoping is that we wait until the elections then again we will resume our peace talks with India". An IMF team is set to arrive in Pakistan in early November to begin negotiations.

Oil is taking a beating today, shedding more than $3
Saudi's foreign minister Adel al-Jubeir said to United States broadcaster Fox: "This was an operation that was a rogue operation". Forecasters such as the International Energy Agency already expect slower oil-demand growth for 2019 due to a slowing economy.

India beat West Indies by 8 wickets in 1st ODI
Rohit Sharma in his ODI career hit 6 150s that means he got a chance to hit more than 150 runs in the ODI career for six times. Shimron Hetmyer (L) of West Indies celebrates with teammate Jason Holder after scoring his third ODI hundred.