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Global stocks mostly fall amid economy jitters Wall of worry weighs on markets, particularly in Europe
(about 4 hours later)
TOKYO — Global stock markets mostly fell Monday as investors fretted about a global economic slowdown after data showed U.S. employers added fewer jobs last month. LONDON — Worries over the global economy weighed heavily on stock markets Monday, with Europe bearing the brunt of the selling. And oil prices fell further, with the benchmark New York rate below $30 a barrel again.
KEEPING SCORE: France’s CAC 40 dropped 1.4 percent to 4,144.58 and Germany’s DAX fell 1.2 percent to 9,162.65. Britain’s FTSE 100 shed 1 percent to 5,792.60. U.S. shares set to fall. Dow futures retreated 0.5 percent to 16,044. S&P 500 futures lost 0.6 percent to 1,864.90. Investors are worrying about a number of issues, including the fall in the price of oil to multi-year lows, the scale of the slowdown in China and whether many parts of the global economy will fall back into recession and suffer a debilitating period of deflation, or falling prices. Last week, U.S. investment bank Citi warned in a note titled “Oilmageddon” of a “death spiral” gripping the global economy.
US DATA: With much of Asia in holiday mode, attention focused on the discouraging U.S. employment figures for January released on Friday. U.S. employers added 151,000 jobs last month, a sharp deceleration from recent months as companies shed education, transportation and temporary workers. That was below economists’ forecasts of 185,000 new jobs, according to a survey of analysts by financial data provider FactSet. The employment report lends weight to the case for the Federal Reserve to delay interest rate hikes, which is a positive for stock markets, but also adds to signs of weakness in major economies. On a day when there’s little economic data to drive trading, those fears have been dominant.
THE QUOTE: “There seems little doubt that we have reached a key juncture for the world’s financial markets and if confusion wasn’t at fever pitch two weeks ago then things are even worse now,” said Chris Weston, chief market strategist at IG in Melbourne, Australia. “All eyes will be on Janet Yellen’s semi-annual testimony to Congress this week and there will be much focus on her vision around the impact tighter financial conditions have had on economics.” ANALYST TAKE: “Sentiment continues to remain downbeat because of growing concerns about the global economy, which is not looking healthy at all at the moment with growth in China slowing down and the U.S. struggling,” said Fawad Razaqzada, an analyst at Forex.com. “In addition, oil prices have been unable to further extend their recent gains and are now down for the third consecutive session.”
ASIA’S DAY: Japan’s benchmark Nikkei 225 rose 1.1 percent to 17,004.30 while Australia’s S&P/ASX 200 was flat at 4,975.40. Thailand’s SET added 0.5 percent to 1,312.50. India’s Sensex was down 0.6 percent at 23,459.99. Markets were closed in China, Hong Kong, Taiwan, South Korea, Singapore, Indonesia, Malaysia and the Philippines for Lunar New Year holidays. New Zealand’s stock market was closed for a national holiday. KEEPING SCORE: In Europe, the Stoxx 50 index of leading European shares was down 2 percent at 2,693, having earlier fallen to its lowest level in nearly two and a half years of 2,683.70. Among Europe’s main indexes, France’s CAC 40 dropped 2.4 percent to 4,100 while Germany’s DAX fell. The FTSE 100 index of leading British shares was 1.9 percent lower at 5,735. Wall Street was headed for a lower opening too, with Dow futures and the broader S&P 500 futures down 1.4 percent.
ENERGY: Benchmark U.S. crude inched up 9 cents to $30.97 a barrel in electronic trading on the New York Mercantile Exchange. The futures contract fell 83 cents to $30.89 a barrel on Friday. Brent crude, a benchmark for international oils, was up 8 cents to $34.12 a barrel in London. BANKS BEAR BRUNT: Bank stocks across Europe have been at the forefront of the sell-off as they’ll be among the most exposed to any sizeable economic downturn. Among the notable fallers were Germany’s Deutsche Bank, which was down 4.6 percent, and France’s BNP Paribas, which fell 4.4 percent.
CURRENCIES: The dollar rose to 116.92 yen from 116.82 yen on Friday. The euro rose to $1.1179 from $1.1160. ENERGY: Oil prices were falling again, with benchmark U.S. crude down $1.04 at $29.85 a barrel. Brent crude, a benchmark for international oils, was 83 cents lower at $33.23 a barrel in London.
__ ASIA’S DAY: Trading in Asia was a little bit more benign as many markets were closed for the Lunar New Year holidays. Japan’s benchmark Nikkei 225 rose 1.1 percent to 17,004.30 while Australia’s S&P/ASX 200 was flat at 4,975.40.
Follow Yuri Kageyama: twitter.com/yurikageyama CURRENCIES: In risk-averse conditions, the dollar often garners support. The euro was down 0.3 percent at $1.1123 while the dollar fell 0.5 percent to 116.28 yen.
Her work can be found at: bigstory.ap.org/content/yuri-kageyama
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.