Market Buzz: Markets under-Fed
Russian stocks closed in negative territory Friday reflecting the global background, coupled with falling crude prices. The MICEX shed 1% and the RTS declined 1.1% with resources shares among the worst hit.
European stock markets fell on Friday as investors lacked positive triggers from the eurozone after a two-day regional summit. The Stoxx Europe 600 dropped 0.8%. In Germany, The DAX 30 fell 0.8% weighed down by banking, while the French CAC 40 shed 0.9%.
US stocks suffered the worst drop since June on Friday, after disappointing earnings from major tech companies such as GE, Microsoft and AMD. The tech led Nasdaq Composite declined 2.2% as shares of Apple dropped 3.6%. The Dow Jones slumped 1.5% and the S&P fell 1.6%. The data from the National Association of Realtors showed sales of existing homes fell 1.7% in September from a 7.8% rise the prior month. Though the report was in line with expectations, it failed to improve sentiment.
Asia stocks mostly fell Monday, with exporters among decliners amid a weak performance of the US markets and disappointing Japanese trade data. Japan’s Nikkei Stock lost 0.1%, and South Korea’s Kospi and Australia’s S&/ASX 200 both dropped 0.6%. The Shanghai Composite slipped 0.45%, while Hong Kong’s Hang Seng added 0.1%.