USA shares lower on weak China data

USA shares lower on weak China data
USA shares lower on weak China data

14 October, 2016

Dow and S&P futures both dropped 0.5 percent.

Industrials fell 0.9 percent, including losses for railway stocks. Many of those companies rely heavily on exports to China.

The materials group, which includes precious and base metals miners and fertilizer companies, dipped 0.3 per cent.

Wells Fargo shares rose 1.26 percent after Chief Executive John Stumpf abruptly departed on Wednesday following a sales scandal that damaged the reputation of the once most valuable bank in the world.

Exports contracted 10 percent last month to $184.5 billion over a year earlier, worse than August's decline of 2.8 percent, customs data showed Thursday.

South Korea's Kospi index slid 0.7 per cent. Samsung Electronics Co Ltd. jumped 1.6 per cent, heading for its first advance in four days, The manufacturing giant said Yesterday that it now projects profit of 5.2 trillion won (RM19.3 billion) instead of 7.8 trillion won in the three months ended September, after ending production of its fire-prone Galaxy Note 7 smartphones.

Delta Air Lines slumped 3 percent after reporting revenue that fell short of forecasts. Regulators said Wells Fargo opened bank and credit card accounts without telling customers, and also moved money between accounts and created fake email addresses to sign customers up for online banking.

The Thai baht held close to an eight-month low as Bangkok announced the death of 88-year-old King Bhumibol Adulyadej, the world's longest reigning monarch.

Eric Trump Says Father 'Absolutely' Paid Federal Income Tax
Chris Christie , promptly proclaimed the enormous loss and possible nonpayment of taxes evidence of Trump's business genius. She told MSNBC's "Morning Joe" that Trump should be "tough but fair" against Clinton in Sunday's debate.

TAKEOFF: Airlines moved higher after a shaky start. The company's business is being hurt by lower airfares and rising salaries even though fuel remains cheap.

THING OF BEAUTY: Ulta Salon climbed after it raised its guidance and gave strong estimates for the third quarter. The negative sentiment towards the stock came as Tesco (LON:TSCO) pulled a number of Unilever products from its website over a price increase of about 10 percent.

ALL ABOARD: Railroad operator CSX was one of the few gainers in early trading. The stock rose 94 cents, or 3.1 percent, to $31.15.

Oil prices recovered from an early loss.

U.S. West Texas Intermediate crude slipped 1.1 percent to trade at $49.62 a barrel. Brent crude, the worldwide standard, added 14 cents to $51.95 a barrel in London. MercadoLibre lost $12.15, or 6.6 percent, to $171.06. Wholesale gasoline added 2 cents to $1.48 a gallon. Heating oil picked up 1 cent to $1.58 a gallon.

CURRENCIES: The dollar fell to 103.92 yen from 104.29 yen. Gold stabilized around the $1,250 per ounce level after falling sharply last week.

In local currency terms, exports were down 5.6 per cent while imports were up 2.2 per cent.

The euro dropped under $1.10 to the dollar for the first time in nearly three months following the reports that the European Central Bank might resume its €1.5 trillion stimulus program. Delta lost $1.01, or 2.6 percent, to $38.26 while United declined $1.17, or 2.2 percent, to $51.71.

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