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U.S. Stocks Fall on Impeachment Drama; Oil Slumps: Markets Wrap
(Bloomberg) -- U.S. stocks fell for a fourth day as the impeachment drama intensified, adding another risk to markets already on edge over trade and slowing global growth.The S&P 500 briefly dropped to session lows after the White House released a rough transcript of President Donald Trump’s call with Ukraine that is at the center of the latest controversy to grip Washington. Technology shares led declines.“You can’t trade this stuff right now, it’s impossible,” Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, said on Bloomberg TV Wednesday. "There’s so many different scenarios, you almost have to ignore it and keep investing the way you would.”In company news, Philip Morris and Altria both rose after ending merger talks, while Marathon surged on activist intervention. Nike Inc. rose to a record after strong results.Markets have seemed to gyrate on the twists and turns of the protectionist battle between the two largest economies, with this year’s epic bond rally recovering from a pullback and U.S. stocks lingering within sight of a record high. The sudden escalation of political risk in Washington comes as economic signals deteriorate globally, adding a fresh complication for investors trying to decide whether central banks will be able to shore up growth.In Europe, the mood was more dour. The Stoxx Europe 600 Index headed for its largest drop in six weeks amid rising concern that growth is flagging. U.K. shares fell as parliament reconvened amid Brexit turmoil. Asian benchmarks retreated, with losses of more than 1% in Hong Kong, South Korea, mainland China and India. Crude futures declined after Saudi Aramco said it was ahead of schedule in restoring output.Elsewhere, the pound slumped as Britain’s attorney general said a motion for a general election will be brought to Parliament “shortly.” In Japan, five-year government bond yields fell to a record low following comments from central bank Governor Haruhiko Kuroda that added to speculation of an interest-rate cut in October.These are some key events coming up this week:Chicago Fed President Charles Evans will discuss the economic outlook and monetary policy in Illinois on Wednesday.Thailand decides on monetary policy on Wednesday, followed by the Philippines on Thursday.Core PCE -- the Fed’s preferred inflation measure -- is forecast for 1.8%. That’s due Friday.Here are the main moves in markets:StocksThe S&P 500 Index fell 0.2% as of 10:06 a.m. New York time.The Nasdaq 100 Index lost 0.3%.The Stoxx Europe 600 Index sank 1.1%.Switzerland’s SMI Index sank 1.2%.The MSCI Asia Pacific Index sank 0.7%.CurrenciesThe Bloomberg Dollar Spot Index jumped 0.4%.The British pound sank 0.9% to $1.2378.The euro fell 0.4% to $1.0981.The Japanese yen weakened 0.4% to 107.49 per dollar.Sweden’s krona depreciated 0.3% to 10.6792 per euro.BondsThe yield on 10-year Treasuries increased one basis point to 1.65%.The yield on two-year Treasuries dipped one basis point to 1.62%.Britain’s 10-year yield declined two basis points to 0.509%.Japan’s 10-year yield fell two basis points to -0.255%.CommoditiesWest Texas Intermediate crude sank 1.7% to $56.30 a barrel.The Bloomberg Commodity Index declined 0.8% to 78.76.LME nickel dipped 0.7% to $17,055 per metric ton.Gold decreased 0.3% to $1,527.11 an ounce.\--With assistance from Sarah Ponczek, Vildana Hajric and Adam Haigh.To contact the reporters on this story: Todd White in Madrid at twhite2@bloomberg.net;Jeremy Herron in New York at jherron8@bloomberg.netTo contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-drop-amid-215651194.html?.tsrc=rss
(Bloomberg) -- U.S. stocks fell for a fourth day as the impeachment drama intensified, adding another risk to markets already on edge over trade and slowing global growth.The S&P 500 briefly dropped to session lows after the White House released a rough transcript of President Donald Trump’s call with Ukraine that is at the center of the latest controversy to grip Washington. Technology shares led declines.“You can’t trade this stuff right now, it’s impossible,” Michael Purves, chief executive officer at Tallbacken Capital Advisors LLC, said on Bloomberg TV Wednesday. "There’s so many different scenarios, you almost have to ignore it and keep investing the way you would.”In company news, Philip Morris and Altria both rose after ending merger talks, while Marathon surged on activist intervention. Nike Inc. rose to a record after strong results.Markets have seemed to gyrate on the twists and turns of the protectionist battle between the two largest economies, with this year’s epic bond rally recovering from a pullback and U.S. stocks lingering within sight of a record high. The sudden escalation of political risk in Washington comes as economic signals deteriorate globally, adding a fresh complication for investors trying to decide whether central banks will be able to shore up growth.In Europe, the mood was more dour. The Stoxx Europe 600 Index headed for its largest drop in six weeks amid rising concern that growth is flagging. U.K. shares fell as parliament reconvened amid Brexit turmoil. Asian benchmarks retreated, with losses of more than 1% in Hong Kong, South Korea, mainland China and India. Crude futures declined after Saudi Aramco said it was ahead of schedule in restoring output.Elsewhere, the pound slumped as Britain’s attorney general said a motion for a general election will be brought to Parliament “shortly.” In Japan, five-year government bond yields fell to a record low following comments from central bank Governor Haruhiko Kuroda that added to speculation of an interest-rate cut in October.These are some key events coming up this week:Chicago Fed President Charles Evans will discuss the economic outlook and monetary policy in Illinois on Wednesday.Thailand decides on monetary policy on Wednesday, followed by the Philippines on Thursday.Core PCE -- the Fed’s preferred inflation measure -- is forecast for 1.8%. That’s due Friday.Here are the main moves in markets:StocksThe S&P 500 Index fell 0.2% as of 10:06 a.m. New York time.The Nasdaq 100 Index lost 0.3%.The Stoxx Europe 600 Index sank 1.1%.Switzerland’s SMI Index sank 1.2%.The MSCI Asia Pacific Index sank 0.7%.CurrenciesThe Bloomberg Dollar Spot Index jumped 0.4%.The British pound sank 0.9% to $1.2378.The euro fell 0.4% to $1.0981.The Japanese yen weakened 0.4% to 107.49 per dollar.Sweden’s krona depreciated 0.3% to 10.6792 per euro.BondsThe yield on 10-year Treasuries increased one basis point to 1.65%.The yield on two-year Treasuries dipped one basis point to 1.62%.Britain’s 10-year yield declined two basis points to 0.509%.Japan’s 10-year yield fell two basis points to -0.255%.CommoditiesWest Texas Intermediate crude sank 1.7% to $56.30 a barrel.The Bloomberg Commodity Index declined 0.8% to 78.76.LME nickel dipped 0.7% to $17,055 per metric ton.Gold decreased 0.3% to $1,527.11 an ounce.\--With assistance from Sarah Ponczek, Vildana Hajric and Adam Haigh.To contact the reporters on this story: Todd White in Madrid at twhite2@bloomberg.net;Jeremy Herron in New York at jherron8@bloomberg.netTo contact the editor responsible for this story: Samuel Potter at spotter33@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
https://finance.yahoo.com/news/asia-stock-futures-drop-amid-215651194.html?.tsrc=rss
