• MTS Futures News_AM_20190129

    29 Jan 2019 | SET News


·         
Stocks fell sharply on Monday after weaker-than-expected quarterly earnings and guidance from Caterpillar, as well as a big revenue forecast cut from chipmaker Nvidia, stoked fears about the Chinese economy slowing.


The Dow Jones Industrial Average fell 208.98 points to 24,528.22 as Caterpillar lagged. The S&P 500 dropped 0.8 percent to 2,643.85, led lower by the tech, communications services and health care sectors. The Nasdaq Composite declined 1.1 percent to close at7,085.68 as Microsoft, Apple, Amazon and Facebook all fell at least 0.9 percent.


Caterpillar shares fell 9.1 percent after the industrial giant posted weaker-than-expected earnings for the fourth quarter. The company said its sales in the Asia/Pacific region declined because of lower demand in China. Caterpillar is considered a bellwether for global trade given the company’s exposure to overseas markets. The company also issued disappointing guidance.


Nvidia, meanwhile, dropped 13.8 percent after slashing its fourth-quarter revenue guidance to $2.2 billion from $2.7 billion. The chipmaker said “deteriorating macroeconomic conditions, particularly in China,” impacted demand for its graphics processing units.

·         Stocks in Europe started the week on a negative note as investors monitored Brexit developments and looked ahead to new U.S.-China trade talks.

The pan-European Euro Stoxx 600 index closed provisionally 0.94 percent lower with all major bourses and most sectors pushing lower. Initially, there was some positive momentum on the back of the reopening of the U.S. government — after its longest shutdown in history.

·         Stocks in Asia were lower in Tuesday morning trade on the back of fresh concerns over a slowing Chinese economy and renewed tensions between Washington and Beijing.

Japan’s Nikkei 225 slipped 0.51 percent in early trade while the Topix index shed 0.3 percent, with shares of Japanese conglomerate Softbank Group declining more than 0.6 percent. South Korea’s Kospi fell 0.19 percent as industry heavyweight Samsung Electronics’ stock shed more than 0.2 percent.


The ASX 200 slipped 0.6 percent, with most sectors seeing losses. The heavily weighted financial subindex declined 1.59 percent as shares of Australia’s Big Four banks saw losses. Australia and New Zealand Banking Group fell 2.2 percent, Commonwealth Bank of Australia slipped 1.48 percent, Westpac shed 2.05 percent while National Australia Bank declined 1.88 percent.


Reference: CNBC



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