Global equities track US markets’ retreat

Dmitry Lukashov IFC Markets

Dow logs worst daily drop in 8 months

US equities pulled back on Wednesday as Treasury yields remained at elevated levels. The S&P 500 fell 3.3% to 2785.68 led by technology shares. The Dow Jones industrial average lost 3.2% to 25589.74. Nasdaq composite index dropped 4.1% to 7422.05. The dollar weakening accelerated despite report wholesale prices measured by producer price index rose faster in September than the previous month: 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 0.24% to 95.455 and is lower currently. Futures on stock indices indicate lower openings today.

CAC 40 opens lower than other European indices

European stocks resumed the slide on Wednesday as the selloff in US market added to concerns about Italy’s budget deficit and rising bond yields. The EUR/USD joined GBP/USD’s climb. Yje sible currency is rising currently against the dollar while the Pound is lower. The Stoxx Europe 600 lost 1.6%. German markets were closed for a holiday. Germany’s DAX 30 slumped 2.2% to 11712.50.France’s CAC 40 fell 1.1% and UK’s FTSE 100 lost 1.3% to 7145.74. Markets opened 1.4% - 1.7% lower today.

Shanghai Composite leads Asian indices losses

Asian stock indices are all in red after a tumbl on Wall Street overnight. Nikkei fell 3.9% to 22890.86 as yen continued advancing against the dollar. China’s stocks are falling: the Shanghai Composite Index is down 5.2% and Hong Kong’s Hang Seng Index is 3.2% lower. Australia’s All Ordinaries Index fell 2.7% as the Australian dollar turned higher against the greenback.

Brent lower

Brent futures prices are extending losses today while supported by supply tightening concerns as US sanctions are re-imposed on Iran in November. Prices fell as Hurricane Michael closed on Florida. Yesterday the American Petroleum Institute reported that US crude supplies rose 9.7 million barrels last week. Prices fell: December Brent crude lost 2.3% to $83.09 a barrel on Wednesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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GBP/USD stays in the red below 1.3700 on renewed USD demand

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Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

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Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.