Dow Dips Below 17k, Oil Continues to Slide, Morrisons CEO to Step Down After Weak Xmas Sales
January 13, 2015 8:00 am
Japan’s Nikkei share average fell on Tuesday as weak U.S. stocks and falling oil prices dampened risk appetite, but a pause in the Yen’s strength helped the market trim earlier losses. The Nikkei ended 0.6% lower at 17,087.71 after falling to as low as 16,828.27, nearing a one-month low of 16,672.94 hit on Dec. 17.
U.S. stocks fell for a second straight session on Monday, led by another sharp decline in energy shares as oil prices tumbled about 5% and concern grew ahead of corporate earnings season. The Dow fell 96 points to close at 17,640, the S&P500 closed 16 points lower at 2,028.
The Dollar skidded to its lowest level against the Yen in a month on Tuesday, as Treasury yields fell on increased demand for safe-haven assets against a backdrop of plunging oil prices. The Dollar fell about 0.5% against the Yen to 117.83, as markets in Tokyo reopened after Monday’s public holiday. It earlier touched 117.74 Yen, its lowest level since Dec. 17. The Canadian Dollar clawed back lost ground after touching a fresh 5-1/2 year low against its U.S. counterpart on Tuesday in line with tumbling oil prices. The Greenback rose as high as C$1.1978, closing in on a key psychological support level at C$1.2000. It was last down about 0.1% at C$1.1960. The Euro got a leg up on the Dollar, edging about 0.2% higher on the day to $1.1853. But the European unit remained not far above a nine-year nadir of $1.1754 touched last Thursday, with the European Central Bank on the verge of printing money outright to shore up the Euro zone economy.
February Brent crude fell almost 5 percent to a low of $45.23 a barrel by 0730 GMT, the lowest since March 2009. U.S. crude for February was trading at $44.44 a barrel, its weakest since April 2009.
Within the equity space, Morrison’s released their results for Q4 which missed expectations and were the worst performing supermarket over the Xmas trading period out the big four. To further put the boot in to Britain’s No. 4 grocer, its chief executive said he would step down. However in light of all this bad news investors had reason to smile as the stock was up by more than 4% in early trade at 184p per share.
Japan’s Nikkei share average fell on Tuesday as weak U.S. stocks and falling oil prices dampened risk appetite, but a pause in the Yen’s strength helped the market trim earlier losses. The Nikkei ended 0.6% lower at 17,087.71 after falling to as low as 16,828.27, nearing a one-month low of 16,672.94 hit on Dec. 17.
U.S. stocks fell for a second straight session on Monday, led by another sharp decline in energy shares as oil prices tumbled about 5% and concern grew ahead of corporate earnings season. The Dow fell 96 points to close at 17,640, the S&P500 closed 16 points lower at 2,028.
The Dollar skidded to its lowest level against the Yen in a month on Tuesday, as Treasury yields fell on increased demand for safe-haven assets against a backdrop of plunging oil prices. The Dollar fell about 0.5% against the Yen to 117.83, as markets in Tokyo reopened after Monday’s public holiday. It earlier touched 117.74 Yen, its lowest level since Dec. 17. The Canadian Dollar clawed back lost ground after touching a fresh 5-1/2 year low against its U.S. counterpart on Tuesday in line with tumbling oil prices. The Greenback rose as high as C$1.1978, closing in on a key psychological support level at C$1.2000. It was last down about 0.1% at C$1.1960. The Euro got a leg up on the Dollar, edging about 0.2% higher on the day to $1.1853. But the European unit remained not far above a nine-year nadir of $1.1754 touched last Thursday, with the European Central Bank on the verge of printing money outright to shore up the Euro zone economy.
February Brent crude fell almost 5 percent to a low of $45.23 a barrel by 0730 GMT, the lowest since March 2009. U.S. crude for February was trading at $44.44 a barrel, its weakest since April 2009.
Within the equity space, Morrison’s released their results for Q4 which missed expectations and were the worst performing supermarket over the Xmas trading period out the big four. To further put the boot in to Britain’s No. 4 grocer, its chief executive said he would step down. However in light of all this bad news investors had reason to smile as the stock was up by more than 4% in early trade at 184p per share.
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