Market Buzz: Longing for news from Europe
Russian stocks traded flat Tuesday amid uncertainty at the European floors. The MICEX shed 0.2% and the RTS lost less than 0.1%.
The Moody’s decision to cut the European Union’s outlook to negative pushed down European stock markets on Tuesday, with drug makers and resource shares posting losses. A drop in US manufacturing activity also weighed down the indices. The Stoxx Europe 600 tumbled 1.1%, erasing gains of the previous day. The German DAX 30 slid 1.2% and France’s CAC 40 dropped 1.6%.
US stocks on Tuesday ended mixed as investors returned from a holiday. The expectations on Apple Inc.’s next iPhone launch supported tech stocks, countering data that manufacturing activity had contracted for a third month in August. The Dow Jones lost 0.4%, the S&P 500 fell 0.1% and the Nasdaq Composite climbed 0.3%.
Asian shares headed south Wednesday with commodities among decliners amid weaker data on US manufacturing. South Korea’s Kospi sank 1.3%, Hong Kong’s Hang Seng dropped 1.1%, and Australia’s S&P/ASX 200 fell 0.65%. Japan’s Nikkei lost 0.65% and China’s Shanghai Composite shed 0.1%.