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Global Market Report - October 23

Asian and European stock markets fell on Tuesday as yesterday's rally proved shortlived and investors sought out safe havens

Morningstar 24/10/2561

Global Market Report

Asia

China’s rally on Monday proved short-lived, with investors pressing the “risk off” button despite recent promises by Chinese authorities to intervene in the markets.

The Shanghai Composite Index lost over 2% to close below 2,600 points on Tuesday, while Hong Kong’s Hang Seng shed 3%, or 806 points, to close at 25,346.

Weakness in US markets during earning season, with the Dow Jones and S&P 500 closing lower yesterday, are not helping the global sentiment.

Hefty losses were seen across the wider region: Japan’s Nikkei was off nearly 3%, Australia’s All Ordinaries and India’s BSE Sensex were around 1% lower. South Korea’s Kospi shed just over 2.5% on the day.

Europe

Germany was the worst performing of Europe’s major stock markets on Tuesday in percentage terms, with a loss of over 2%. France’s CAC 40 was not too far behind the DAX.

The FTSE 100 slipped back below 7,000 points with a loss of around 1%.

UK banks Lloyds Banking Group (LLOY), Barclays (BARC) and Royal Bank of Scotland (RBS) report third quarter results this week. RBS announced last month that it would resume paying dividends for the first time since the bank was bailed out during the financial crisis.

North America

Earning season gathers pace this week, but this time the prevailing sense of caution has limited any earnings-fuelled rally. Perhaps strong numbers Amazon (AMZN)  and Google parent company Alphabet (GOOGL) this week will help lift the gloom and give Nasdaq a boost after a turbulent month.

Dow Jones stalwarts McDonald's (MCD) and 3M (MMM) report today.

In economics, the week’s highlight is the release of the US GDP number on Friday. The economy is expected to have risen by 3.4% annualised on a quarter before, lower than the 4.2% in the second quarter.

Canada’s central bank is expected to raise interest rates on Wednesday to 1.75%, a quarter point rise.

 

 

Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Alphabet Inc A1,339.39 USD0.94
Amazon.com Inc1,751.60 USD0.64
Apple Inc270.71 USD1.93
Barclays PLC169.40 GBX1.34
Lloyds Banking Group PLC61.47 GBX1.59
The Royal Bank of Scotland Group PLC228.00 GBX1.29

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