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World stocks slip as investors mull China growth report Worries over Doha oil meeting weighing on markets
(about 3 hours later)
HONG KONG — World stock markets were mostly lower Friday as investors assessed a report on Chinese quarterly economic growth. Market players were also watching for cues on currencies and other policies from a meeting in Washington, D.C., of financial ministers and central bank governors of the Group of 20 leading industrial nations. LONDON — Global stock markets were largely lower Friday ahead of a raft of U.S. economic figures and a weekend of international meetings, including one of oil producers in Doha, Qatar.
KEEPING SCORE: European stocks slipped in early trading, with Britain’s FTSE 100 down 0.3 percent to 6,348.99 and France’s CAC 40 shedding 0.5 percent to 4,489.40. Germany’s DAX lost 0.6 percent to 10,035.64. U.S. stocks were poised to open lower, with Dow futures down 0.1 percent to 17,826.00 and the broader S&P 500 futures dipping 0.2 percent to 2,073.30. KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares fell 0.5 percent to 6,334 while Germany’s DAX was down 0.5 percent at 10,040. The CAC-40 in France was 0.5 percent lower at 4,488. U.S. stocks were poised to open lower, with Dow futures and the broader S&P 500 futures down 0.2 percent.
CHINA GROWTH: Official data showed that China’s economy slowed further in the latest quarter, with growth easing to 6.7, which was the lowest in seven years. There were few surprises for investors in the figures, which were largely in line with economists’ forecasts and suggest that the world’s largest economy is on track to meet the official full-year growth target. US DATA: There’s a raft of U.S. economic reports due that could influence markets if they have a bearing on when traders think the Federal Reserve will raise interest rates again. Though the Fed has opted against following on December’s interest rate rise — the first in nearly a decade — in light of volatility in global markets in the early part of the year, it has left the door open to another hike soon. Consumer sentiment figures from the University of Michigan, the Empire survey of manufacturing around the New York region and industrial production figures from the Fed itself will be assessed in that light.
MARKET INSIGHT: “There are a lot who doubt the current market rally at the moment, particularly when the S&P 500 is so close to its all-time highs. And yet, in a world where one-third of government bonds have negative yields, there is a strong incentive to increase one’s equity allocation in pursuit of positive returns,” Angus Nicholson of IG said in a commentary. BUSY WEEKEND: Traders will also be monitoring the meeting of financial ministers and central bank governors from the Group of 20 leading industrial nations in Washington. Perhaps more importantly will be the meeting in Doha of the OPEC oil cartel and non-OPEC members like Russia. Expectations of a production cut or freeze that might support prices have diminished over the week.
ASIAN SCORECARD: The benchmark Nikkei 225 index in Japan shed 0.4 percent to close at 16,848.03, while South Korea’s Kospi dipped 0.1 percent to 2,014.71. Hong Kong’s Hang Seng slipped 0.1 percent to 21,316.47 and the Shanghai Composite Index in mainland China eased 0.1 percent to 3,078.12. Australia’s S&P/ASX 200 climbed 0.7 percent to 5,224.10. Taiwan rose and Southeast Asian benchmarks were mixed. MARKET TAKE: “A tangible sense of apprehension has swept across global markets today, with traders unwilling to hold positions into the weekend given the clear risk of events in Doha on Sunday,” said Joshua Mahoney, market analyst at IG.
ENERGY: Benchmark U.S. crude lost 54 cents to $40.95 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 26 cents to settle at $41.50 a barrel on Thursday. Brent crude, the international standard, dropped 45 cents to $43.39 a barrel in London. ENERGY: Expectations earlier this week that a deal may emerge in Doha had helped oil prices rally to 2016 highs. However, as those have diminished so have oil prices. The benchmark New York rate was down 91 cents at $40.59 a barrel while Brent, the international standard fell 94 cents to $42.90.
CURRENCIES: The dollar rose to 109.40 yen from 109.37 yen in the previous day’s trading and the euro edged lower to $1.1260 from $1.1266. CHINA GROWTH: Much of the interest in the Asian trading session centered on Chinese figures showing that growth in the latest quarter eased to 6.7 percent, its lowest in seven years. However, there were few surprises for investors, as the figures were largely as forecast and suggest that the world’s second-largest economy is on track to meet the official full-year growth target.
ASIAN SCORECARD: The benchmark Nikkei 225 index in Japan shed 0.4 percent to close at 16,848.03, while South Korea’s Kospi dipped 0.1 percent to 2,014.71. Hong Kong’s Hang Seng slipped 0.1 percent to 21,316.47 and the Shanghai Composite Index in mainland China eased 0.1 percent to 3,078.12. Australia’s S&P/ASX 200 climbed 0.7 percent to 5,224.10.
CURRENCIES: The euro was up 0.2 percent at $1.1284 while the dollar fell 0.5 percent to 108.86 yen.
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This story has been corrected to show China is the world’s second-largest economy.
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.