Stocks Slide to Extend to Asia as Treasuries Rally
Stocks Slide to Extend to Asia as Treasuries Rally
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13 August, 2019, 21:26
Asian stock markets followed Wall Street lower on Tuesday amid anxiety the US-Chinese trade war will hurt already slowing global economic growth. Hundreds of flights to and from Hong Kong were canceled on Monday as protests forced the shutdown of the city's airport.
"The global economy is perched precariously, hoping for a positive inflection, but braced for a stumble", said Vishnu Varathan of Mizuho Bank in a report.
The Dow closed 391 points lower on Monday, even as fears that ongoing tensions between the United States and China could lead to a global recession mounted. NY time.The Stoxx Europe 600 Index rose 0.5%.The MSCI Asia Pacific Index decreased 1.3%.The MSCI Emerging Market Index decreased 1.3%.
The grim backdrop was enough to push investors into safe-havens, and US Treasury yields dropped across the board on Monday as trade worries and political tensions supported safe-haven assets.
The protests began two months ago in response to a controversial extradition bill between Hong Kong and mainland China.
Investors were rattled by a Chinese government statement Monday saying the mostly nonviolent Hong Kong protests "show the sprouts of terrorism" and were an "existential threat" to the population. The Dow fell 1.5 percent, or 389.73 points, to 25,897.71.
Microsoft Corp and Amazon.com Inc fell about 0.6% each, weighing heavily on the S&P 500.
Goldman Sachs Group Inc said on Sunday that its economists see recessionary risks increasing as the trade war between the world's two largest economies drags on, and no longer expect a resolution before the 2020 USA presidential election.
About 15 minutes into trading, the Dow Jones Industrial Average lost 0.8 per cent to 26,083.00, and the broad-based S&P 500 dropped a similar amount to 2,895.18.
Technology, health care and consumer discretionary stocks accounted for much of the market's decline.
Meanwhile, gold prices zoomed to the highest in more than six years on Tuesday after investors shunned riskier assets and sought the comfort of gold and other safe assets. The new tariff would go into effect September 1 and more directly affect USA consumers. South Korea's Kospi index added 0.5%.
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"There are just negative stories from every corner of the globe you look at, not independently, but when you piece them together it becomes overtly negative".
Italian markets had tumbled last week when Salvini pulled his support from the coalition arrangement at the center.
Adding to the concerns of a global recession, Argentina's currency and equities fell after the country's incumbent president suffered an unexpected defeat in primary presidential elections.
Second-quarter earnings season will be all but in the books after this week. The 30-year Treasury yield is nearing all-time lows. Viacom shares fell 3.6%.
Shares of tour operator TUI rose over 3 percent after it said robust business outweighed problems with the grounding of Boeing's 737 MAX jets in the third quarter and upheld its annual earnings outlook.
Real estate and utilities stocks posted the smallest declines.
West Texas Intermediate crude sank 0.8 per cent to US$54.47 a barrel.
The contract gained 43 cents on Monday to close at $54.93. The market mood has been hit by steep losses in the previous session. Brent crude, used to price worldwide oils, declined 19 cents to $58.38 per barrel in London.
China on Monday again kept the midpoint trading rate of the yuan slightly above RMB7.00 to $1.00.
The dollar fell to 105.27 Japanese yen from 105.57 yen on Friday.
The construction sector expanded by 2.9 per cent year-on-year, extending the 2.8 per cent growth in the first quarter. On May 21, the Government shaved the upper end of that forecast , which was revised to 1.5 per cent to 2.5 per cent.
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He has not been named by authorities nor has the motive in the attack; he has been charged with murder and attempted murder. Manshaus, who briefly smiled at photographers, does not admit to any crime, his lawyer said earlier on Monday.
Since his retirement from all forms of cricket in 2004, the former India all-rounder has been extensively involved in coaching. A year later, he saw himself become the head coach of the Indian cricket team for the first time - for a period of two years.
In total, they found three loaded pistols, a gas-operated submachine gun, extended magazines, ammunition and the ballistic vest. As a point guard at Abraham Lincoln High School in Brooklyn, he was on the cover of Sports Illustrated in 2004.
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Over the course of this week Johnson wants to unveil new sentencing plans in a bid to tackle rising violent crime across the UK. As well this alternative community sentences are being beefed upped. "This can not go on".
Gavin Newsom said in a statement. "In honor of Officer Moye, Capitol flags will be flown at half-staff". Investigators didn't immediately know where the gunman came from or where he was headed, Diaz said.
Adding to the pound's woes, industrial production and manufacturing figures also missed expectations by large margins. The ONS said companies had been building up additional goods in the first quarter in anticipation of a March Brexit .
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Debbie Howard, Moye's stepmother, told reporters she texted him when she happened to see numerous squad cars speed past her. The driver then pulled a rifle from inside their vehicle and began firing at the patrolman, according to the report.
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