STOCKS: BANGKOK, Thailand- World shares mostly lower following Wall Street losses
Chinese investors use computer terminals as they monitor stock prices at a brokerage house in Beijing yesterday. Shares have declined in Asia after weak earnings for technology and media companies led stocks lower on Wall Street. The modest pullback came a day after the S&P 500 hit an all-time high. PHOTO: AP
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BANGKOK (AP) — Global shares mostly retreated yesterday as investors eye a possible interest rate cut in the United States (US) while hoping for a breakthrough on the US-China trade front.
Britain’s FTSE 100 was flat at 7,308, while Germany’s DAX shed 0.1 per cent to 12,925.
The CAC 40 in Paris edged 0.1 per cent higher.
The Dow and S&P 500 futures contracts appeared headed for a sluggish open, wavering between small gains and losses.
Investors were cautious ahead of a policy announcement by the US Federal Reserve, which is expected to cut interest rates again by a quarter of a percentage point. It has cut rates twice since the summer to shield the US from the impact of the trade war and a slowing global economy.
US Treasury yields dipped ahead of the decision.
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The yield on the 10-year Treasury slid to 1.83 per cent from 1.85 per cent late on Monday.
Meanwhile, reports that China and the US may not reach a trade agreement in time to sign a deal next month at a regional summit put a damper on sentiment.
White House spokesman Judd Deere told reporters on Tuesday that both sides were working to finalise a deal, aiming to have Presidents Donald Trump and Xi Jinping sign a deal next month at a Pacific Rim summit in Chile.
But various officials have indicated an agreement might not be ready in time.
“These headlines are an annoying distraction as it provides a not too subtle reminder of how quickly things can turn on the trade war front while psychologically lingering in the back of trader’s minds,” Stephen Innes of AxiTrader said in a commentary.
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Japan’s Nikkei 225 index lost 0.6 per cent to 22,843.12.
Sydney’s S&P ASX 200 sank 0.8 per cent to 6,689.50.
In South Korea, the Kospi declined 0.6 per cent to 2,080.27.
Hong Kong’s Hang Seng dropped 0.4 per cent to 26,667.71 while the Shanghai Composite index gave up 0.5 per cent to 2,939.32.
India’s Sensex gained 0.5 per cent to 40,024.02.
Shares also rose in Taiwan and Southeast Asia.
Company earnings reports have recently helped lift stock markets.
With nearly half of the companies in the S&P 500 having reported results for the July-September quarter, the index is on pace to report a profit drop of 3.5 per cent from the prior year, according to FactSet.
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That’s not as bad as the roughly four per cent decline that analysts were expecting, but it would be the first time that profits dropped for three straight quarters since 2015-2016.
In Europe, Italian-American carmaker Fiat Chrysler Automobiles confirmed it is in talks with French rival PSA Peugeot, its second bid this year to reshape the global auto industry which is facing huge challenges with the transition to electric and autonomous vehicles.
Shares in Fiat Chrysler shot up nearly nine per cent on the news to EUR12.75 in Milan trading.
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ENERGY
Benchmark crude oil fell 12 cents to USD55.42 per barrel in electronic trading on the New York Mercantile Exchange. It gave up 27 cents to settle at USD55.54 a barrel on Tuesday.
Brent crude oil, the international standard, dipped three cents to USD61.20 a barrel.
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CURRENCIES
The dollar dipped to JPY108.84 from JPY108.88 on Monday.
The euro edged up to USD1.1115 from USD1.1112.
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