· Dow futures rise nearly 300 points as Wall Street looks to recover from worst sell-off in months
U.S. stock futures rose in early Thursday morning trade after the worst day for the market in several months.
Futures tied to the Dow Jones Industrial Average gained 291 points. Those for the S&P 500 and the Nasdaq 100 also traded in moderately positive territory.
Mark Luschini, the chief investment officer at Janney Capital Management, said that he thought the pullback would prove to be a buying opportunity because some of the stocks that would benefit from an economic recovery — such as financials, materials and small caps — suffered smaller losses than the broader market.
“That’s not indicative of investors indicting growth here domestically or on a global basis,” he said.
· Credit Suisse misses analyst expectations with a 38% fall in net profit
Credit Suisse on Thursday posted a 38% slide in net profit for the third quarter, as the coronavirus pandemic and “significant” foreign exchange headwinds weighed on the bank’s earnings.
Net income attributable to shareholders came in at 546 million Swiss francs ($600 million), below the 679 million Swiss francs that analysts had expected, according to Reuters Eikon.
· Global Markets: Asia's COVID-19 control tempers global stock selloff, U.S. futures jump
Asia’s stock markets fell on Thursday, but without the panic selling seen in Europe and the United States, while U.S. futures jumped as investors tried to get a grip on fears that fresh lockdowns could derail a recovery from the COVID-19 pandemic.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, with the heaviest drops in Australia, down 1.6%, and South Korea, down 1%.
· Japan stocks fall on coronavirus worries; upbeat earnings outlook limits losses
Japanese shares fell to a one-month low on Thursday weighed by concerns about
fresh coronavirus lockdowns in Europe, although companies issuing bullish forecasts during earnings season limited losses.
The Nikkei 225 Index ended down 0.37% to 23,331.94. The Nikkei touched its lowest level since Oct. 2 but then pared its losses. The broader Topix fell 0.01% to 1,610.93.
France and Germany, Europe’s two-largest economies, were forced back into lockdowns to contain a second wave of coronavirus infections.
Some investors were also reluctant to buy equities due to uncertainty about the Nov. 3 election in the United States.
· China shares end higher as consumer stocks shine on upbeat earnings
China stocks reversed earlier losses to close higher on Thursday, bucking a global selloff, supported by the consumer sector after leading companies posted robust third-quarter earnings.
The blue-chip CSI300 index rose 0.8% to end at 4,772.92, while the Shanghai Composite Index added 0.1% to 3,272.73.
· European markets open higher after Wednesday’s sell-off, ECB in focus
European markets opened higher on Thursday as investors digest new lockdown measures in France and Germany and await the European Central Bank’s latest monetary policy decision.
The pan-European Stoxx 600 climbed 0.5% at the start of trading, with oil and gas stocks jumping 1.8% after Shell’s strong earnings report as almost all sectors and major bourses entered positive territory.
Reference: Reuters, CNBC
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