| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3569 Registered: 05-2011 Rating: N/A |
World markets extend downside momentum overnight 1. The global equity markets have extended losses following the late day weakness in the US. S&P Futures are down about 0.9% to trade around the 4088 area. The pressure has been ongoing since the beginning of the Asian session. Early buying stalled out at 4123.00. The low currently resides at 4084.00. 2. In Asia, China lost 0.5%, while Japan dropped over 1%. The Shanghai suffered after the state accused the US of threatening the peace after a warship passed through the Taiwan Strait. The potential tension left investors with apprehension. 3. In Japan, increasing coronavirus numbers weighed on traders' spirits. Toyota finished about 1.5% lower after the automaker indicated it would shut down production at two plants in June due to the global chip shortage. 4. In Europe, the major bourses are retreating in tandem with rest of the world. Semiconductors remain in focus with stocks such as ASM and Infineon falling over 2%. Commodity-related names are losing ground with weakness in energy and metals. As such, Antofagasta, Glencore, BP and Royal Dutch Shell are down 2-3%. |