Wall Street stocks fell on Thursday (October 16th), losing earlier gains as resurgent credit concerns and ongoing US-China trade tensions weighed on sentiment. The S&P 500 and Nasdaq 100 each fell more than 0.7%, while the Dow Jones Industrial Average lost more than 300 points. Financial stocks led the selloff, with regional banks like Zions Bancorporation (-13%) and Western Alliance (-10.8%) plummeting after reporting substantial loan losses. This decline came despite an early-session rally driven by chipmakers after TSMC raised its full-year revenue forecast and reported a nearly 40%...
The Nikkei Stock Average falls 0.8% to 47885.32 in early trade, tracking Wall Street's declines overnight. The main theme has been risk-off, Commerzbank Research analysts say in a research report. Investors became uneasy about bad loans at two regional banks in the U.S., triggering worries over broader credit stress in the American economy, the analysts add. Among the worst performers on Japan's benchmark index, Disco Corp. drops 3.2%, Chugai Pharmaceutical sheds 3.05%, and Screen Holdings loses 3.1%. USD/JPY is at 150.18, compared with 150.44 late Thursday in New York. Source: Bloomberg
Asian stocks slipped at the open on Friday after risk sentiment faded on Wall Street, following news of bad debts at two US banks that heightened credit market concerns. US index futures also indicated further weakness. Japan, Australia, and South Korea all fell, in line with Wall Street's overnight slump: the S&P 500 fell 0.6% (financials -2.8%) and the Nasdaq 100 fell 0.4%. Hedging assets rallied: gold and silver hit record highs, while Treasury yields continued to fall—the 2-year yield to its lowest level since 2022 and the 10-year below 4%. The dollar index weakened, heading for its...
Hong Kong stocks continued to weaken. The Hang Seng Index fell 1.3% to 25,555.02 at 10:14 a.m. local time, widening its weekly loss to 2.8%. Hang Seng Tech also fell 2.3%. The biggest pressure came from large caps: BYD Electronics -5.2%, SMIC -4.3%, Alibaba -2.7%, and Tencent -1.1%. In mainland China, the CSI 300 -1.3% and the Shanghai Composite -0.9%. After rallying more than 30% this year, sentiment has turned cautious. All eyes are on Monday's Chinese data releases: third-quarter GDP, retail sales, and industrial production. Economists' consensus forecasts GDP at ~4.7% (y/y), the slowest...
Both the STOXX 50 and the STOXX 600 fell 1.5% on Friday, tracking a global equity sell-off as signs of credit stress among US regional banks reignited concerns about credit quality and the potential spillover to other sectors. Banking and financial stocks came under heavy pressure, with notable declines in Intermediate Capital (-6.5%), Banco de Sabadell (-7.1%), Deutsche Bank (-6.3%), Barclays (-5.3%), Standard Chartered (-4.2%) and Société Générale (-4.5%). Meanwhile, escalating trade tensions between China and the US further weighed on sentiment. Beijing accused Washington of stoking...