Sunday, 22 September, 2019

Stocks slide as slow growth in China weighs on earnings

China worries slam stocks, rising supply hits oil Nvidia adds to woes, cutting forecasts and blaming China
Russell Knight | 30 January, 2019, 23:43

The Dow Jones has fallen by as much as 200 points after a disappointing earnings report from Caterpillar.

The S&P energy index dropped 1.6 percent as oil prices fell more than 2 percent after USA companies added rigs for the first time this year, a signal that crude output may rise further.

The Deerfield, Illinois-based company also issued a 2019 profit forecast range which, at the low end, was below the average of analysts' expectations, adding to worries over mounting trade tensions that pummelled the heavy-equipment maker's shares past year.

Wynn Resorts Ltd, scheduled to report Wednesday, gets more than 70 percent of its revenue from China.

Although earnings have largely surpassed Wall Street's expectations, helping the S&P 500 climb about 12 per cent from its December lows, worries about slowing global growth have tempered expectations.

It's a meager start to what will be a very active week of corporate earnings, including other industrial companies that have put a lot of stake in China, where the economic growth rate has slowed to levels not seen in nearly two decades.

The South Korean company has been losing share for its smartphones for years in China, but the slowdown there is now threatening to hurt its crucial chips business.

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Santa Clara, California-based Intel Corp, whose processors are the main component in most of the world's personal computers and servers, cited softness in China among the reasons for its lower-than-expected full-year forecast last week.

While it's the ASX which is notoriously overweight to a handful of big banks, financials and resource companies, it's Wall Street that has been dragged lower by just a few key bellwethers on its first day of trade this week.

Wall Street had already been fixated on the effects of China's slowdown, particularly with trade tensions high between the United States and China, and the announcements sent the technology and industrial sectors to sharp losses.

TRADE TALKS LOOM: Talks aimed at resolving the impasse over Chinese technology ambitions and other issues are due to resume in Washington later in the week, led by the U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He.

The company said adjusted profit in the fourth quarter rose to $2.31 a share, topping the $2.28 average of analysts' estimates compiled by Bloomberg. Economic growth in Europe slowed in the last half of 2018 and indicators at the start of this year have been weak. The stock fell 15.2 per cent to $135.86.

ENERGY: U.S. crude oil shed $1.03 to $52.66 per barrel in electronic trading on the New York Mercantile Exchange. Heating oil lost 2.9 percent, to $1.84 a gallon, and natural gas dropped 8.4 percent, to $2.91 per 1,000 cubic feet. Profit for the year was $10.26 per share, compared $1.26 in 2017. The Japanese yen gained 0.1 per cent to 109.41 per dollar.

Bond prices rose. The yield on the 10-year Treasury note dipped to 2.74 percent from 2.75 percent late Friday. The euro strengthened to $1.1408 from $1.1409.

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