Wall Street Leans Back Pre-Bell; Futures Red, Europe and Asia Lower

Press Release

Wall Street pre-bell Friday is leaning back, with US stock market index futures pointing to an opening bell off perhaps 0.10% from Thursday’s close. European bourses are trading lower, and Asian exchanges closed down after media reports that White House officials oppose lowering of tariffs on Sino imports to gain a partial Beijing-Washington trade deal. Disney (DIS) higher pre-market on strong earnings. Alibaba (BABA) may list $15 billion of shares on Hong Kong exchange, reported Bloomberg. Bitcoin trades at $9,002, oil trades for $56.33, and 10-year US Treasuries offer 1.93%.

On the economic calendar is the University of Michigan consumer sentiment bulletin and the wholesale trade report at 10 am ET. The much-watched Baker-Hughes domestic oil-and-gas rig report follows at 1 pm.

For Federal Reserve-watchers, San Francisco President Mary Daly speaks at 11:45 am, New York President John Williams speaks at 8 pm, and Governor Lael Brainard speaks at 8:35 pm.

Enbridge (ENB), Duke Energy (DUK), Honda Motor (HMC), Ameren (AEE), and Magna international (MGA) report earnings pre-bell, among others.

In the futures, the S&P 500 is off 0.08%, the Nasdaq is off 0.13% and the Dow Jones is off 0.03%

In Europe, the British FTSE 100 is off 0.27%, the French CAC is off 0.22%, and the German DAX is off 0.23%.

Asian stock markets generally retreated Friday after media reports that some White House officials oppose lowering tariffs to gain a partial Sino-US trade deal. Hong Kong and Shanghai deflated, Tokyo gained, but other regional exchanges finished in the red.

In Japan, the Nikkei 225 opened higher on fresh Wall Street records and held its ground, finishing up 0.26% for the fourth-straight day of gains. A softer yen, regarded as a positive in export-oriented Japan, aided sentiment, said analysts.

The benchmark Nikkei 225 rose 61.55 to 23,391.87, as gaining issues outnumbered losers 140 to 81.

Leading the upside were medical-products concern Terumo (TRUMY, 4543:Tokyo), up 13.4%, followed by department-store chain Isetan Mitsukoshi (IMHDY, 3099:Tokyo), up 11.7%, and then brewer Kirin (KNBWY, 2503:Tokyo), up 9.6%.

On the downside were cosmetics-house Shiseido (SSDOY,4911:Tokyo), up 8.3%, and then mobile-game maker Bandai Namco (NCBDF, 7832:Tokyo), off 4.8%.

The Nikkei 225 is up 16.87% year-to-date

In economic news, Japan Prime Minister Shinzo Abe asked his cabinet to compile programs that would boost government spending and build infrastructure, in some measure to handle natural disasters but also to boost the economy.

The Hong Kong Hang Seng Index opened evenly but slumped in trading, finishing down 0.70% on the media reports of White House resistance to lowering tariffs on Sino imports, in pursuit of a Beijing-Washington partial trade deal.

The broad gauge Hang Seng fell 196.09 to 27,651.14, as losing issues outnumbered gainers 39 to 10.

Leading the upside on a down day were Geely Automonile (175:HK), up 1.8%, followed by state oil-giant CNOOC (883:HK), up 1.3%, and then coal-miner China Shenhua Energy (1088:HK), up 0.9%.

On the downside were Henderson Land Development (12:HK), off 2.6%, and then Sino Biopharmaceutical (1177:HK), off 2.5%.

The Hang Seng is up 6.99% year-to-date.

On the mainland, the Shanghai Composite fell 0.49% to 2,964.19.

In economic news, China exports fell by 0.9% year-over-year in October, off but better-than-expected. Imports fell by 6.4% in October, year-over-year.

On the other exchanges, the S. Korean Kospi fell 0.w3%; the Taiwan TWSE also declined 0.23%; the Australian ASX 200 fell 0.04%; the Singapore Straits Times Index fell 0.65%, and the Thai Set declined 0.23%. In late trading in Mumbai, the Sensex was off 0.86%.

The MSCI Asia Apex 50, a broad measure of Asian stock markets excluding Japan, was off 0.68%.

This post was originally published on Health Opinion

Leave a Reply

Your email address will not be published. Required fields are marked *