Asian shares mostly lower despite USA markets rally

29 October, 2018, 06:33 | Author: Mary Valdez
  • Futures Slump on Global Riskoff Sentiment; Caterpillar Weighs

October is typically a bumpy month for the markets, but the declines have made for one of the worst months in several years.

United States stocks finished a punishing session sharply lower on Wednesday (Oct 24), with major indices sinking more than two percent and the Dow and S&P 500 tumbling and wiping out all the 2018 gains. The average was briefly down 539 points.

The Nasdaq composite, with its hefty roster of tech stocks, has now fallen more than 10 per cent below its August peak in what Wall Street calls a "correction". Hong Kong's Hang Seng, affected by declines in semiconductor-makers and other tech shares, fell almost 2.5 percent before ultimately recovering and closing down 1 percent.

Stocks are off to a mixed start on Wall Street as gains for Boeing and other industrial companies are offset by losses elsewhere in the market.

Traders are anxious that rising interest rates and the escalating U.S.

Volatility in US markets has weighed on Asia for some time as trade tensions between the USA and China heighten. The indexes were pulled down by Amazon, Facebook and Netflix, all of which lost more than 5 percentage points in value, while Google-parent Alphabet plummeted 4.8 percent.

The Dow was up 471 points, or 1.9 percent, to 25,050.

Texas Instruments fell 8.2 percent to $92.01 after the chipmaker delivered quarterly results that fell short of Wall Street's forecasts, noting that demand across most markets is slowing. Intel, due to report earnings later this week, fell 4.7 percent.

8 natural disaster hits Greek island, no major damage reported
The quake rattled the whole of western Greece and was felt in Kefalonia, Corfu, and Crete according to the USGS. Italy's Il Messaggero online news site said the quake was felt hundreds of kilometres away in southern Italy.

F1:Lewis Hamilton outqualifies Sebastian Vettel in Mexico
Sebastian Vettel , Lewis Hamilton , Kimi Raikkonen and Valtteri Bottas couldn't respond on the second attempt. The 1-2 start will be the first for Red Bull since the start of the hybrid engine era in 2014.

Google brings Google Lens tech to Image search experience
Google Images will then show you related information and point you to places where you might be able to buy a similar couch. From today, users in the U.S. will see a new "Lens" button as an option under the image in their search results.

AP reported that more than 100 S&P 500 companies are expected to report strong third quarter results this week, and every sector except communications services is expected to show growth.

The Nasdaq added 245 points, or 3.5 percent, to 7,354. Recent data showing the housing market is slowing have also fueled speculation that US economic growth will start to slow next year.

Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that USA factories have raised prices because of tariffs.

The Dow is down 135.80 points, or 0.5 per cent. Brent crude, the benchmark for worldwide oil prices, rose 0.9 percent to $76.89 a barrel in London.

The results, along with gains for chipmakers, lifted technology stocks up 2.32 percent today.

That reignited worries over the impact of rising borrowing costs, wages and tariffs on corporate profits and caused S&P industrial stocks to slide 2.24 percent.

The dollar climbed to 112.59 yen from 112.44 yen. Silver fell 0.3 percent to $14.63 an ounce.

Market participants say a healthy level of hedging activity going into the sell-off and the recent upward bid for Treasury prices explains the volatility index's relative calm. A correction is when shares drop at least 10 percent from their recent highs. Also in Hong Kong, airline Cathay Pacific's shares dropped as much as 6.5 per cent but ended 3.8 per cent lower after it said it had discovered a data breach affecting 9.4 million passengers. Australia's S&P/ASX 200 was flat.

Recommended:



Popular

Smaller migrant caravan forms in El Salvador
The program was announced by Pena Nieto on Friday, as a way to address the issue of migrants taking part in the caravan. The International Organisation for Migration claimed more than 7,000 people had joined the group as of 22 October.

Look China rich help drive global billionaire wealth to $12.3 trillion
But Chinese billionaires expanded their wealth at almost double that pace, growing by 39 percent to $1.12 trillion. In fact, the number of billionaires in the region only grew by 4 percent.

‘Extremely dangerous’ Cat 4 Hurricane Willa heads for Mexico
Storm surge accompanied by "large and destructive waves" are forecast along portions of Mexico's central and southwestern coast. Hurricane-force winds extended out 30 miles from Willa's center, and tropical-storm-force winds were up to 105 miles out.

Children Injured In Knife Attack At Kindergarten In China
In 2012, a knife-wielding man in central China had attacked dozens of kindergarten children because of family problems. Police said the assailant was unemployed and carried out the attack "to take revenge on society".

Trump claims media used pipe bomb campaign to score 'political points'
A person has been arrested in connection with a mail-bombing campaign aimed at Trump critics, United States officials say. One user even said that Twitter should be held accountable for failing to address the bomber's threats properly.

Macron, Trump discuss summit on Syria over phone talks: Elysee
In January, the Russian Defense Ministry said militants had used 13 armed drones to attack the two facilities. This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

Donald Trump is a Liar
On Thursday, as he continued a media blitz promoting a new book about Trump , Scaramucci sought to backpedal. In a statement calling for unity, she appeared to take a clear shot at CNN for "dividing the country".

Leicester City owner's helicopter crashes outside stadium
East Midlands Ambulance Service has tweeted it sent a doctor, two paramedics and a Hazardous Area Response Team to the scene. He revealed: "It crashed into the auto park just a couple of hundred yards outside the stadium before bursting into flames".

Lexus leads Consumer Reports auto reliability survey, Volvo bottom
Implementing new tech is listed as a possible reason for numerous lower rankings seen on this year's survey. These are the brand rankings and the number of spots each brand rose or fell from previous year .

Plant City man wins $3 million in Mega Million drawing
For the victor , options include an immediate cash payment of $877.8 million, or the $1.537 billion prize paid out over 29 years. The largest lotto drawing in USA history remains a $1.59 billion Powerball from January 2016.