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Brussels attacks weigh on European markets Stocks open lower; travel companies sink following attacks
(about 1 hour later)
LONDON — The deadly attacks at the Brussels international airport and at a subway station in the heart of the city weighed on European stock markets Tuesday though the scale of the retreat has been fairly muted. U.S. stocks edged lower in early trading Tuesday following the deadly attacks in Belgium. Airlines, cruise companies and travel booking sites were among the biggest decliners. European markets also fell slightly.
KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was down 0.6 percent at 6,149 while Germany’s DAX fell 0.5 percent to 9,898. The CAC-40 in France was 0.8 percent lower at 4,392. Belgium’s BEL 20 index was down 0.4 percent at 3,404. Wall Street was poised for modest losses at the open with Dow futures and the broader S&P 500 futures both down 0.53 percent. KEEPING SCORE: The Dow Jones industrial average fell 46 points, or 0.3 percent, to 17,577 as of 10:05 a.m. Eastern Time. The Standard & Poor’s 500 index lost four points, or 0.2 percent, to 2,047. The Nasdaq composite dropped four points, or 0.1 percent, to 4,804.
BRUSSELS ATTACKS: The attacks in Brussels drove financial markets though the scale of the moves was not hugely dramatic. The explosions at Zaventem airport and at the Maelbeek metro station have seen at least 26 people killed, according to local reports and media. Belgium has raised its terror alert to the highest level, diverting planes and trains and ordering people to stay where they were. Airports across Europe have tightened security and political leaders from around the world have voiced their solidarity with Belgium. BRUSSELS ATTACKS: At least 31 people were killed on Tuesday when bombs struck the Brussels airport and one of the city’s metro stations. Belgium raised its terror alert to the highest level, diverting planes and trains and ordering people to stay where they were. Airports across Europe tightened security. Germany’s DAX was down 0.2 percent, while the CAC-40 in France was 0.6 percent lower. The FTSE 100 index of leading British shares was down 0.2 percent. Belgium’s BEL 20 index was down 0.2 percent.
MARKET REACTION: “It’s always a sad day when terrorism has to be the driver to kick markets from their state of calm,” said Mike van Dulken, Head of Research at Accendo Markets. “It’s also a sign of times when the market response is — in relative terms — so muted. Investors have had to develop a thick skin for such horrific events over the years.” STAYING PUT: Several travel-related companies were down as investors weighed the potential fallout from the Belgium attacks. Royal Caribbean Cruises fell $2.75, or 3.5 percent, to $75.48, while Carnival lost $1.53, or 3.1 percent, to $48.25. American Airlines Group shed $1.15, or 2.7 percent, to $42.32. Delta Air Lines fell $1.28, or 2.6 percent, to $48.84.
GOLD GAINS: Gold, which is widely considered to be a safe haven asset at the time of tension, advanced. The precious metal was up 0.9 percent at $1,255 an ounce. ROUGH QUARTER: Clothing and accessories maker G-III Apparel Group slid 19.4 percent after it reported earnings and sales that fell short of Wall Street’s expectations. The stock lost $10.61 to $44.62.
ASIA’S DAY: Japan’s Nikkei 225 climbed 1.9 percent to 17,048.55. Hong Kong’s Hang Seng index shed early gains to shed 0.1 percent at 20,666.75. South Korea’s Kospi gained 0.4 percent to 1,996.81 and Australia’s S&P ASX 200 edged up 0.1 percent at 5,230.80. The Shanghai Composite Index shed 0.6 percent at 2,999.36. UNCOMFORTABLE RESULTS: Mattress Firm dropped 11.6 percent after the bedding retailer also reported weak fourth-quarter results and forecast a smaller-than-expected annual profit. The stock shed $4.92 to $37.82.
OIL: Benchmark U.S. crude lost 55 cents to $40.96 a barrel in New York. Brent crude, the benchmark for international oils, fell 30 cents to $41.24. STRONG OUTLOOK: Akorn surged 27.2 percent after the generic drugmaker reported preliminary 2015 financial results and have a strong profit forecast for this year. The stock gained $5.10 to $23.82.
CURRENCIES: The euro was down 0.2 percent at $1.1215 while the dollar fell 0.3 percent to 111.70 yen. ASIA’S DAY: Japan’s Nikkei 225 climbed 1.9 percent, while Hong Kong’s Hang Seng index shed early gains, sliding 0.1 percent. South Korea’s Kospi gained 0.4 percent, while Australia’s S&P ASX 200 edged up 0.1 percent.
ENERGY: Benchmark U.S. crude was down 46 cents to $41.07 a barrel in New York. Brent crude, the benchmark for international oils, was down 21 cents to $41.33 a barrel in London.
BONDS AND CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 1.89 percent from 1.92 percent late Monday. The euro was down to $1.1219 from $1.1242, while the dollar fell to 111.68 yen from 112.08.
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.