Market Buzz: The China syndrome
Russian markets closed lower Friday with resource shares among the biggest losers. The MICEX fell 1.2% and the RTS shed 2.4%.
European stocks fell Friday amid investor worries about the slowdown in global economic growth, with strong US consumer sentiment data failed to boost sentiment. The Stoxx Europe 600 dropped 0.5%. Germany’s DAX 30 shed 0.7% and the French CAC 40 slid 0.7% on losses by oil giant Total.
US stocks on Friday traded nearly flat, despite an unexpected rise in the US consumer confidence index in October. A positive earnings report from JPMorgan Chase buoyed investors, but concerns over Europe hampered that growth. The S&P 500 lost 0.3%, the Dow Jones traded flat and the Nasdaq Composite lost 0.2%.
Asian stocks headed south Monday as Chinese data painted a mixed picture of the country’s economic situation. Over the weekend, China’s trade surplus for September and money supply data exceeded economists’ expectations, while producer prices dropped 3.6%. Hong Kong’s Hang Seng lost 0.1% and the Shanghai Composite Index declined 0.5%. South Korea’s Kospi fell 0.2% and Australian stocks traded flat. Japan’s Nikkei bucked the trend and gained 0.7%.