1. China jitters: Chinese President Xi Jinping struck a defiant note during a speech Tuesday marking four decades since the country embarked on its economic transformation. But stock markets in Asia fell in reaction to the speech, which was short on economic and trade specifics.
|
 |
| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | +77.00 | | +32.25 | | +9.75 | | +0.33% | | +0.50% | | +0.38% | | | |
| |
| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -391.43 | | -21.32 | | -25.80 | | 21,115.45 | | 2,576.65 | | 6,747.44 | | -1.82% | | -0.82% | | -0.38% | | | |
| |
| Biggest Winners | | Oracle Corp | +6.28% | | | | Colgate-Palmolive Co | +1.72% | | | | Advanced Micro Devices Inc | +1.54% | | | | Linde PLC | +1.28% | | | Biggest Losers | | Philip Morris International Inc | -1.77% | | | | Freeport-McMoRan Inc | -1.13% | | | | Exxon Mobil Corp | -0.86% | | | | Chevron Corp | -0.77% | | | | | | | | |
| |
| |
| |
| News: What you need to know about the markets | | | | | | | Xi fails to impress; Oil drops below $49; Global market jitters | | By Ivana Kottasová, CNN Business | | | | 1. China jitters: Chinese President Xi Jinping struck a defiant note during a speech Tuesday marking four decades since the country embarked on its economic transformation. | | | | But stock markets in Asia fell in reaction to the speech, which was short on economic and trade specifics. | | | | Xi did not unveil concrete policies to tackle China's increasingly complex economic problems, which include weakening growth, rising debt and an ongoing trade war with the United States. | | | | "President Xi's lack of any encouragement for expectations of further reform gave markets the jitters," said Kit Juckes, a strategist at Societe Generale. | | | | One thing Xi made clear that Beijing alone will decide China's future direction. | | | | "No one is in a position to dictate to the Chinese people what should or should not be done," he told the audience. | | | | 2. Oil plunges: US oil futures plunged to a new 15-month low on Tuesday, dropping 3.5% to below $49 per barrel. | | | | Crude prices have been under pressure because of concerns over excess oil supplies and a weaker global economy. | | | | US oil prices are down almost 35% so far this quarter. Brent crude, the international oil benchmark, has dropped 30% over the same period and was trading at $57.50 per barrel on Tuesday. | | | | OPEC and allies including Russia agreed to slash oil production earlier this month despite pressure from President Donald Trump to keep pumping. | | | | The cuts will remove 1.2 million barrels a day from world markets, but won't kick in until January. | | | | 3. Global market overview: US stock futures were slightly higher, suggesting that Wall Street may finally snap out of its funk. | | | | European markets opened lower, following a day of negative trading in Asia. | | | | The Dow and the S&P 500 both closed down 2.1% on Monday. The Nasdaq dropped 2.3%. The small-cap Russell 2000 tumbled into a bear market. | | | | The Russell 2000's downfall is significant because the index is viewed as a barometer for confidence in American growth. The index contains 2,000 smaller companies that do little business overseas, making them highly exposed to swings in the domestic economy. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Earnings and economics: Darden Restaurants (DRI) will release earnings before the open. FedEx (FDX) will follow after the close. | | | | The US Census Bureau will release data on Housing Starts for November at 8:30 a.m. ET. | | | | | | | |
| | | | | | Tuesday — FedEx (FDX) and Darden (DRI) earnings
Wednesday — General Mills (GIS) earnings; Fed decision on interest rates
Thursday — Nike (NKE), Walgreens Boots Alliance (WBA) and Blackberry (BB) earnings; Bank of England meeting
Friday — Carmax (KMX) earnings; GDP third estimate. | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $48.39 | -1.49 / -2.99% | | | Gold | $1,253.80 | +2.00 / +0.16% | | | 10-yr | 2.86% | -0.03 | | | Euro | $1.14 | +0.01 / +0.46% | | | |
| |
Hi, let us know what you
think of this newsletter! | | | Tell us what you want to read more of... and less of.
Email your tips and feedback to BeforeTheBellFeedback@cnn.com | | |
| |
| |
| | Tips, thoughts or questions are always welcome at
BeforeTheBellFeedback@cnn.com. | | | ® © 2018 Cable News Network Inc.
A WarnerMedia Company. All Rights Reserved.
You are receiving this message because you subscribed to
CNN Business's "Before The Bell" newsletter.
Our Mailing address is:
Cable News Network, Inc.
Attention: Privacy Policy Coordinator
One CNN Center, 13 North
Atlanta, GA 30303 | | | | |
No comments:
Post a Comment