| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3621 Registered: 05-2011 Rating: N/A |
World markets waking up on the wrong side of the bed The global equity markets are off to a rocky start to the week. S&P Futures are down about 11 points to trade around the 4392 area. The market put in its top at 4405.2, shortly after last night's open. Sellers gained control and took the market as low as 4375.50. That low print was established just after the EU session got underway. Spoos have seen a bounce to settle back into the middle portion of the range. In Asia, China and Hong Kong continued to fall while Japan rose 1%. The Shanghai suffered from China's regulatory tightening across multiple industries. Education stocks remain under heavy pressure. Tencent Holdings was also among notable names hit, falling nearly 8% after reports surfaced regulators will require the company to let go of exclusivity rights. In Japan, the Nikkei was among the few markets in the green. Traders returned from a four-day hiatus to see steel names catch a bid. Tokyo Steel was among the best of the bunch, rising over 9% after raising its earnings outlook. Peers such as JFE Holdings and Nippon Steel rose 4-5% in sympathy. In Europe, the major bourses are under modest pressure. Tighter scrutiny in China seems to have put a dent into sentiment. Automotive names are among the weakest sectors with Volkswagen, BMW and Daimler down about 2%. Banks are not far behind with the likes of Deutsche Bank, Commerzbank and BNP Paribas slipping 1-2%. |