Global Stocks Fall on China Data
October 13 2015 - 4:40AM
Dow Jones News
Global stocks fell on Tuesday after the release of fresh
evidence that China's economy is slowing.
The Stoxx Europe 600 was down 0.3% in early trade, tracking
Asian bourses lower.
Official data showed Tuesday that China's exports dropped 3.7%
in September, adding to concerns that China's third-quarter growth
figures, due next week, will fall below Beijing's target.
Hong Kong's Hang Seng Index was down 0.4% and Australia's
S&P/ASX 200 was down 0.6%. The Shanghai Composite Index was up
0.2%, while Japan's Nikkei Stock Average fell 1.1% as it reopened
after a holiday.
China's data has led to a "generalized selloff" in Asian
equities, said Barclays analyst Rahul Bajoria.
Shares were down in Asia and Europe Tuesday despite Wall
Street's gains on Monday, where the Dow Jones Industrial Average
climbed for a seventh consecutive day, driven by a rally in
consumer and health-care stocks.
In Europe, investors were also looking ahead to Germany's ZEW
survey of business and economic expectations, which could show that
slowing Chinese growth and the emissions-testing scandal at
Volkswagen AG have dented the confidence of German firms. "The
damage to the German brand cannot be underestimated here," said
Michael Hewson, chief market analyst at CMC Markets.
In corporate news, SABMiller PLC's board agreed on the key terms
of a sweetened takeover offer by Anheuser-Busch InBev NV, valuing
it at £ 68 billion ($104.36 billion). The move sets the stage for
the world's two largest brewers to combine after weeks of back and
forth.
In the U.S., the third-quarter earnings season continues
Tuesday, with results due from Johnson & Johnson, Intel Corp.
and J.P. Morgan Chase & Co.
In currencies, the euro was last at $1.1393, up 0.3%, while the
dollar was fell 0.2% against the yen.
In commodities, Brent crude was at $50.71 a barrel, gaining 1%
on the day. Gold was at $1156.80 an ounce after rising sharply on
Monday.
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(END) Dow Jones Newswires
October 13, 2015 04:25 ET (08:25 GMT)
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