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Bailing bulls reverse gains, knock ASX to 21-month low

27 October, 2018, 20:58 | Author: Sara Gill
  • Dow Jones drops 400 points after major stock market declines in Europe & Asia

Shares have fallen moderately in Asia after the latest torrent of selling on Wall Street. Japan's Nikkei 225 index rose 0.4 percent after a private survey pointed to a recovery in manufacturing in October.

The December gold contract was up US$10.30 at US$1,234.90 an ounce and the December copper contract was down 2.75 cents at US$2.76 a pound. The Shanghai Composite index slipped 1.6 per cent to 2,561.36 and Hong Kong's Hang Seng index skidded 1.8 per cent to 24,785.68.

At 1630 AEDT, the SPI200 futures index was up 34 points, or 0.6 per cent, at 5662.0 points.

Stocks are closing sharply lower on Wall Street, led by a swoon in technology companies. Both the Dow Jones Industrial Average and S&P 500 Index erased their annual gains, even as the S&P 500 operating income is surging more than twice the historical average.

Banks, health care and industrial companies also took heavy losses, outweighing gains by utilities and other high-dividend stocks. Netflix gave back 9.4 per cent and Amazon dropped 5.9 per cent. Some companies, including Caterpillar and 3M, have reported disappointing results and warned of rising costs related to tariffs related to the U.S. Texas Instruments, a major chipmaker, slumped 8.2 per cent and AT&T fell 8.1 per cent.

The Nasdaq.IXIC closed down 12.4 percent from its August 29 record closing high, falling 4.4 percent for the day in its biggest one-day percentage decline since August 18, 2011.

The Dow fell 608 points, or 2.4 per cent, to 24,583.

The Nasdaq slid 69 points, or 0.9 percent, to 7,399.

The yen got the usual safe-haven bid, with the euro skidding to a two-month low at 127.68 yen EURJPY=. The dumping isn't necessarily reflective of company fundamentals, but a shift in market behaviour: the constant bidding up of stocks considered high growth by momentum traders is disappearing, resulting in a fall in the stock's price. Of those, 57 per cent delivered earnings and revenue results that topped Wall Street's forecasts.

On Wednesday, data showed sales of new US single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing.

Technology stocks also buckled and slid 2.14 percent, in tandem with global peers, over concerns of slowing growth in China and a tepid forecast from Apple supplier AMS AG's. The MSCI Asia Pacific Index has moved an average 0.9 per cent daily in October through Wednesday, the biggest swings since June 2016, data compiled by Bloomberg show. It was down 227 points, or 0.9 percent, to 25,089. The Nasdaq composite gave up 75 points, or 1 per cent, to 7,362.

Bond prices rose, sending the yield on the 10-year Treasury note down to 3.14 percent from 3.19 percent late Monday.

US stocks slumped broadly on Wall Street Tuesday, sending the Dow Jones Industrial Average down 200 points and extending the market's recent string of losses.


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