Wall Street falls on geopolitical tensions, recession fears
13 August, 2019, 18:58 | Author: Regina Silva
All three major USA stock indexes started the week in the red, with few earnings reports and no economic data to soothe market jitters over protests in Hong Kong, the rejection of Argentine President Mauricio Macri's economic agenda in primary elections, and a tariff dispute that has beleaguered markets for months.
Investors seeking safety in perceived safe havens bolstered the Japanese yen, gold prices and USA government bond prices.
Shares fell across the region led by those in Japan.
This morning has been relatively quiet except for events in Hong Kong, where the airport authority canceled all flights after protesters flooded the airport. USA futures ticked higher. The S&P 500 and Nasdaq lost 1.2% apiece. Treasury yields steadied after Monday's slide.
Monday's reversals provided another reminder of the fragile mood across markets, which have endured a tumultuous start to August.
The plunge comes one week after stock averages suffered their worst trading day since December with trade threats between the USA and China continuing to stoke fears of an economic slowdown. Meanwhile in Argentina, the defeat of President Mauricio Macri during primary elections added to global stress.
Companies releasing results include China's Tencent, JD.com and Alibaba, Cisco, Brazilian utility Eletrobras, the U.K.'s Prudential, Australia's Telstra, giant retailer Walmart, Nvidia, Swisscom and the Danish brewer Carlsberg. Core prices, which exclude food and energy, are seen rising 2.1 per cent.
China retail sales, industrial production and the jobless rate to be released on Wednesday.
Concern about the U.S. The Hong Kong Hang Seng shed -0.44% after the Hong Kong Airport was shut down.
The tech-rich Nasdaq Composite Index fell 0.9 per cent to 7,890.31.
Futures on the S&P 500 Index edged higher after US stocks lost ground on Friday. Earlier, the S&P 500 Index fell 1.2%.
The Japanese yen strengthened 0.5 per cent to 105.20 per dollar.
The offshore yuan was stable at 7.0993 per dollar.
If -0.7% is the actual decline for the quarter, it would mark the first time the index has reported two straight quarters of year-over-year declines in earnings since the first and second quarters of 2016, according to FactSet data.
The euro was trading at $1.1205, down 0.1%.
Germany's 10-year yield decreased one basis point to -0.59%. The spread between 2-year and 10-year Treasury yields narrowed to only 6 basis points, near its lowest level in a dozen years.
In afternoon trading, United States benchmark 10-year Treasury note yields fell to 1.64 per cent from 1.734 per cent late on Friday.
Sysco was up 3.2% after beating Wall Street expectations for quarterly revenues, while Barrick Gold was ahead 1.85% on the back of some upbeat guidance.
In commodities markets, the price of oil rose 0.1% to about $54.50 per barrel and the price of gold added 0.5% to roughly $1,504 per ounce.
But booming USA shale oil production continues to chip away at efforts to limit the global supply overhang, weighing on prices. Tensions between the United States and Iran were also seen contributing to firming oil prices, analysts said.
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The Brexit crisis and the uncertain global outlook left the nation's economy on a "knife-edge" for the third quarter, he added. The data, which was worse than market expectations for zero growth, sent the pound sliding against the euro and dollar.