| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3949 Registered: 05-2011 Posted From: 24.164.46.35 Rating: N/A |
Overnight Summary -- World markets succumbing to pressure The global equity markets are mostly lower. S&P Futures are hovering around the neutral zone around 4474. Poor results from Netflix initially added pressure to the futures in the after hours. The market found some stable ground around the 4430 area. The low print was established at 4429.50. Since then, the market has postured for a rebound to claw its way back to near break-even over the course of the night. Spoos are sitting just off the high of 4477.75. In Asia, both China and Japan seemed to slide in tandem with the decline seen in the US on Thursday. The Shanghai saw steady selling throughout the session to close down nearly 1% by day's end. In Japan, stocks suffered a similar fate with the Nikkei dropping close to 1%. Semiconductors were among the weakest sectors with the likes of Tokyo Electron, Advantest and Screen Holdings falling 4-6%. In Europe, the major bourses are mimicking the tone seen during yesterday's afternoon on Wall Street. Macro-related data was light, but weaker than expected retail sales in the UK did nothing to help sentiment. The December reading saw a decline of 3.7% compared to the forecast of -0.6%. Chip names are also weak in Europe with names such as STMicroelectronics and Infineon Technologies down 3%. |