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• After a sharp selloff in U.S. stocks on Friday the main benchmarks recorded their deepest weekly declines in more than two years. The Dow Jones fell by 0.69% and the S&P fell by 1.15% respectively.
• Emerging-market stocks extended their longest weekly losing streak in more than a year on concern Europe’s slowdown will hurt global growth. The MSCI Emerging Markets Index sank 1.8 percent to 989.87 in New York.
• The benchmark 10-year Treasury yield sank another 4 basis points on Friday to 2.289%, its lowest close in 16 months. The yield dropped 13 basis points on the week, its biggest drop since the week ended March 14.
• Brent crude for November delivery settled up 16 cents at $90.21 a barrel.
Views
• The ECB may be at risk of buying overpriced assets: Jens Weidmann
• The rise of the Renminbi could hurt China’s export competitiveness, but China may be more concerned with establishing a more stable currency.
• The strengthening dollar starts to raise concerns among investors and US policy makers.
• An analyst at Lindsey Group argues that the US Fed's concerns on a rising dollar may be provide upward support for gold taking its bear market to an end. However, other analysts disagree.
News Summary:
Asian Market Update
Asian stocks slipped with U.S. index futures (DJA), extending the rout in equities after Federal Reserve officials said a slowdown in parts of the global economy could delay interest-rate increases. The yen climbed with gold and Treasury futures, while crude oil tumbled.
The MSCI Asia Pacific excluding Japan Index fell 0.4 percent by 9:08 a.m. in Seoul, set for its lowest close since March.
North American Market Update
The S&P 500 and Nasdaq on Friday posted their largest weekly declines since May 2012 and the Dow turned negative for the year, led down by technology stocks after a chipmaker warned of a major pullback in the industry.
The week's selloff had various catalysts, analysts said, though none were new to the market. Some pinned the slide to concern about the Federal Reserve's imminent ending of its asset purchases stimulus, as well as worries about weak economic growth, especially in Europe, and its effect on U.S. earnings.
The Dow Jones industrial average fell 115.15 points, or 0.69 percent, to 16,544.1, the S&P 500 lost 22.08 points, or 1.15 percent, to 1,906.13 and the Nasdaq Composite dropped 102.10 points, or 2.33 percent, to 4,276.24.
For the week the Dow dropped 2.7 percent. The S&P and Nasdaq, down 3.1 percent and 4.5 percent, respectively, had their largest weekly drops since May 2012.
Spot gold traded at $1,230 an ounce, keeping off last week's 15-month low of $1,183.46.
Emerging Market Update
Emerging-market stocks extended their longest weekly losing streak in more than a year on concern Europe’s slowdown will hurt global growth. The Ibovespa dropped the most among global stock indexes and the ruble weakened for a fourth day. The MSCI Emerging Markets Index sank 1.8 percent to 989.87 in New York, posting a fifth weekly decline, its longest stretch since June 2013.
The ruble depreciated 0.4 percent, extending its slump in the past three months to 16 percent, the worst performance among currencies tracked by Bloomberg worldwide. The central bank has spent more than $3 billion to slow the currency’s selloff amid a dollar shortage and the slump in oil prices.
The Borsa Istanbul 100 Index dropped 2.3 percent, leaving it 1.2 percent lower in the shortened, three-day week. The lira slid 0.8 percent.
• After a sharp selloff in U.S. stocks on Friday the main benchmarks recorded their deepest weekly declines in more than two years. The Dow Jones fell by 0.69% and the S&P fell by 1.15% respectively.
• Emerging-market stocks extended their longest weekly losing streak in more than a year on concern Europe’s slowdown will hurt global growth. The MSCI Emerging Markets Index sank 1.8 percent to 989.87 in New York.
• The benchmark 10-year Treasury yield sank another 4 basis points on Friday to 2.289%, its lowest close in 16 months. The yield dropped 13 basis points on the week, its biggest drop since the week ended March 14.
• Brent crude for November delivery settled up 16 cents at $90.21 a barrel.
Views
• The ECB may be at risk of buying overpriced assets: Jens Weidmann
• The rise of the Renminbi could hurt China’s export competitiveness, but China may be more concerned with establishing a more stable currency.
• The strengthening dollar starts to raise concerns among investors and US policy makers.
• An analyst at Lindsey Group argues that the US Fed's concerns on a rising dollar may be provide upward support for gold taking its bear market to an end. However, other analysts disagree.
News Summary:
Asian Market Update
Asian stocks slipped with U.S. index futures (DJA), extending the rout in equities after Federal Reserve officials said a slowdown in parts of the global economy could delay interest-rate increases. The yen climbed with gold and Treasury futures, while crude oil tumbled.
The MSCI Asia Pacific excluding Japan Index fell 0.4 percent by 9:08 a.m. in Seoul, set for its lowest close since March.
North American Market Update
The S&P 500 and Nasdaq on Friday posted their largest weekly declines since May 2012 and the Dow turned negative for the year, led down by technology stocks after a chipmaker warned of a major pullback in the industry.
The week's selloff had various catalysts, analysts said, though none were new to the market. Some pinned the slide to concern about the Federal Reserve's imminent ending of its asset purchases stimulus, as well as worries about weak economic growth, especially in Europe, and its effect on U.S. earnings.
The Dow Jones industrial average fell 115.15 points, or 0.69 percent, to 16,544.1, the S&P 500 lost 22.08 points, or 1.15 percent, to 1,906.13 and the Nasdaq Composite dropped 102.10 points, or 2.33 percent, to 4,276.24.
For the week the Dow dropped 2.7 percent. The S&P and Nasdaq, down 3.1 percent and 4.5 percent, respectively, had their largest weekly drops since May 2012.
Spot gold traded at $1,230 an ounce, keeping off last week's 15-month low of $1,183.46.
Emerging Market Update
Emerging-market stocks extended their longest weekly losing streak in more than a year on concern Europe’s slowdown will hurt global growth. The Ibovespa dropped the most among global stock indexes and the ruble weakened for a fourth day. The MSCI Emerging Markets Index sank 1.8 percent to 989.87 in New York, posting a fifth weekly decline, its longest stretch since June 2013.
The ruble depreciated 0.4 percent, extending its slump in the past three months to 16 percent, the worst performance among currencies tracked by Bloomberg worldwide. The central bank has spent more than $3 billion to slow the currency’s selloff amid a dollar shortage and the slump in oil prices.
The Borsa Istanbul 100 Index dropped 2.3 percent, leaving it 1.2 percent lower in the shortened, three-day week. The lira slid 0.8 percent.
