Dow joins SP 500 and the Nasdaq in correction territory
US stock market retreat continued on Monday ahead of Federal Reserve two-day policy meeting starting today. The S&P 500 lost 2.1% to 2545.94. Dow Jones industrial fell 2.1% to 23592.98. The Nasdaq composite index dropped 2.3% to 6753.73. The dollar turned lower as the Empire State index for December indicated manufacturing activity grew at a sharply slower pace in the New York region compared with November: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.3% to 97.12 and is lower currently. Futures on stock indexes point to higher openings today.
DAX 30 falls less than other European indexes
European stocks retreat accelerated on Monday led by retailer stocks after disappointing earnings reports. Both heEUR/USD and GBP/USD turned higher with Pound currently rising while the single currency lower against the dollar. The Stoxx Europe 600 index lost 1.1%. The DAX 30 fell 0.9% to 10772.20. France’s CAC 40 slumped 1.1% and UK’s FTSE 100 slid 1.1% to 6773.24.
NIKKEI worst performer among Asian indices
Asian stock indices gave back previous session gains today as global growth slowing concerns overshadowed expectations of more stimulus by Chinese government. Nikkei fell 1.8% to 21115.45 with yen‘s climb against the dollar continuing. Chinese shares are falling: the Shanghai Composite Index is down 0.6% and Hong Kong’s Hang Seng Index is 1.1% lower. Australia’s All Ordinaries Index fell 1.1% with Australian dollar climbing against the greenback.
Brent down on US output rise forecast
Brent futures prices are edging lower today on signs of building global supply glut. Prices fell yesterday after US Energy Information Administration forecast a rise of 134,000 barrels a day in US shale oil production for January to 8.166 million barrels a day in its monthly Drilling Productivity report. February Brent crude fell 1.1% to $59.61 a barrel on Monday.
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