lower
World markets in a slump
The global equity markets are unanimously trading lower. Tuesday's rout has spilled over into the US futures and the major markets abroad. S&P Futures are down about 10 points to trade around the 3934 area. The market got a modest bump early but could only muster a high of 3954.00. Sellers took command about midway through the Asian session and have pushed spoos to trade just off the low of 3832.50.
In Asia, China fell 0.4%, while Japan closed down 0.7%. Weaker-than-expected Chinese trade data hindered the Shanghai Composite. Exports in November fell 8.7%, well below the forecast of -3.6%. Imports also declined by 10.6%. In Japan, the Nikkei was led lower by market heavyweights such as Sony, SoftBank and Fast Retailing, which all declined 1-2%.
In Europe, the major bourses are underwater. As its largest trading partner, European indices are feeling a pinch this morning in reaction to the soft data from China. Commodity stocks are under pressure. The Chinese data has mining stocks reeling, with Antofagasta, Glencore and Anglo American trading about 2% lower. Crude oil's march back to the $73 zone has energy producers BP and Shell shedding over 1%.
Market Updates
S&P Futures vs Fair Value: -10.0
10 yr Note: 3.529%
USD/JPY: 137.44 +0.39
EUR/USD: 1.0496 +0.0030
Europe: FTSE: -0.2% DAX: -0.3% CAC: -0.3%
Asia: Hang Seng: -3.2% Shanghai: -0.4% Nikkei: -0.7%
Gold (1785.90 +3.60) Silver (22.49 +0.16) Crude (73.13 -1.12)
