|Day's Range||25,494.51 - 25,998.28|
|52 Week Range||24,540.63 - 33,484.08|
Major indexes in Australia, Japan and South Korea declined amid shaky investor confidence following overnight declines in U.S. stocks.
The number of ultra-high net-worth families in Greater China—those with at least US$30 million—reached 88,800 in 2017, rising 12.5% year-over-year, according to a Hurun Wealth Report released Tuesday. Beijing has 13,500 ultra wealthy families, the highest concentration in the region including China’s mainland, Taiwan, Hong Kong, and Macau. It’s followed by Hong Kong, which has 8,500 ultra-wealthy families, increasing 6.3%.
Treasuries advanced with the dollar and gold fell. The Nasdaq Composite Index was almost 14 percent below the closing high it reached in August. “The fact that we haven’t seen a fast bounce or hard bounce, shows the market is exploring where prices should be,” Brad McMillan, chief investment officer for Commonwealth Financial Network.
The CSI 300 Index slid 2.3 percent, with technology shares leading declines after another sell-off in the U.S. That also dragged on Hong Kong’s Hang Seng Index, which lost 2 percent as all but two of its 50 members declined. Investors in China have been stung by a myriad of factors this year, including a trade war with the U.S. that has helped send the equity benchmark down 20 percent. Uncertainty continues to swirl around the dispute and whether any progress will be made when presidents Xi Jinping and Donald Trump meet on the sidelines of the G20 in Buenos Aires.
Shares of Japanese automakers Nissan plunged 5.45 percent on the day after the arrest of company chairman Carlos Ghosn over allegations of financial misconduct.
The Nasdaq 100 Index plunged more than 3 percent to the lowest since April on renewed concern that trade fights will tamp down global demand and disrupt supply chains for the major technology companies that have carried the bull market for almost 10 years. “The easiest way to stop the selloff would be for Trump and [Chinese President] Xi to reach some kind of agreement, even if it’s just no new tariffs and/or keeping the rate at 10 percent through Jan. 1,” said Max Gokhman, head of asset allocation for Pacific Life Fund Advisors.
A quiet day on the data front could see the Pound and the EUR under pressure, with Brexit and the Italian coalition government in action.
Competition between the U.S. and China over the Pacific was thrown into the spotlight at the Asia-Pacific Economic Cooperation summit in Papua New Guinea.
The pound plunged as Brexit again threw the U.K. government into turmoil. Trade-sensitive industrial shares led the S&P 500 Index higher in afternoon trading amid hope that China and the U.S. would de-escalate their trade spat before the G20 summit later this month, even as the threat of new tariffs looms. For all the worries assailing investors -- Brexit, the trade dispute and Italian budget stress -- they are at least receiving a steady message from the U.S. central bank.
UK political turmoil over Brexit set the agenda for a turbulent day in the currency and stock markets, while US investors looked ahead to retail sales and Walmart earnings
Tencent’s stock jumped Thursday, after the Chinese tech giant reported better-than-expected quarterly earnings. Hong Kong’s Hang Seng led stock market gains in Asia, rising 1.7%. The U.S. dollar slipped slightly against the Chinese yuan, falling 0.2% to 6.9292.
The Aussie Dollar rallies early on better than expected employment numbers, with UK and Retail sales, Brexit and Italy to keep an eye on.
British Prime Minister Theresa May managed to persuade her cabinet to back her draft Brexit agreement, but markets are still watching to see if the deal will win parliament's approval.
The S&P 500 Index slumped to the lowest in two weeks after a key Democrat raised questions about the revamped Nafta deal and selling in Apple Inc. rekindled worry that megacap tech earnings have peaked. An afternoon respite from the selling sparked by U.K. Prime Minister Theresa May clinching a Brexit deal with her cabinet gave way to a tumble into the close. Treasuries rose with gold as investors sought out havens ahead of comments from Federal Reserve Chairman Jerome Powell at 6 p.m. New York time.
The mainland China markets, which have been closely watched by investors because of the ongoing U.S.-China trade war, saw losses on the day with the Shanghai composite shedding 0.85 percent while the Shenzhen composite declined by 0.401 percent.
The S&P 500 ended Tuesday well off the day’s highs as West Texas crude hit a nine-month low, falling the most since 2011, after U.S. President Donald Trump criticized Saudi Arabia’s plan to cut output. The Dow Jones Industrial Average slid as Exxon Mobil and Chevron dropped. Stock indexes spent the morning on an upswing after White House economic adviser Larry Kudlow told CNBC that the U.S. and China are talking on “all levels” of government.
US equities markets rebound in the early pre-market session, The European market was able to move higher in early Tuesday trading although markets were mixed.
The S&P 500 Index and Dow Jones Industrial Average finished Monday near session lows. Major suppliers for Apple also fell as investors fretted about one of the most important product lines in the technology sector, and U.S. chip stocks followed suit. “The midterm bump was a relief rally that for once the polls were right, but then investors started thinking about what it all really means for fundamentals,” said Max Gokhman, head of asset allocation for Pacific Life Fund Advisors.
Bloomberg Opinion columnist Tim Culpan said that savvy investors would do well not to get caught up in the fluff and hype of the famous sales event. The one notable exception was China: The Shanghai Composite Index erased earlier losses to climb for the first time in six days as Premier Li Keqiang promised more support for the private sector over the weekend. Analysts have trimmed their estimates without mercy -- Goldman Sachs cut its target price by 17 percent, after CICC lowered its projection by 16 percent last week, data compiled by Bloomberg show.
The oil market looked set to swing into oversupply in 2019 as global crude output grows faster than demand, according to some OPEC members and other producers.
To Raymond Chan, the elements needed for a year-end rebound are a hand shake between the U.S. and Chinese leaders at this month’s Group of 20 summit and a nod for further talks to alleviate the trade war. “The market and corporates are sending strong signals to the White House that the tariffs are definitely having an impact on profitability,” Chan said in a phone interview. With industrial bellwether Caterpillar Inc. citing elevated expenses due to tariffs and multinationals such as Ford Motor Co. bemoaning high steel costs, concerns over future revenue and margins at U.S. companies are spreading.
Then crude oil entered a bear market and alarm bells rang on China’s slowdown as tech stocks plunged. The MSCI Asia Pacific Index slumped 1.2 percent Friday, worsening the wipeout that already erased $4.3 trillion of market value this year. It’s anyone’s guess how regional stock markets will do on Monday but it isn’t looking good right now: the S&P 500 Index dropped 0.9 percent Friday and futures contracts on the Nikkei 225 fell.