July trading ended on a sour note on Thursday, with markets plunging worldwide as Argentina’s debt default, Russian tension, Portuguese banking fears and a highly negative Chicago Purchasing Managers Index Reading (52.6) all came together in an unholy mix, with markets giving up all gains made over the course of the month – and in some cases, in the course of the whole year so far. An example of the latter was the Dow, which fell by 317 points (1.88%) over the course of the day’s trading. The S&P was down by 2% while the Nasdaq was down 2.1%. The effects rolled across to Asian markets, with the Nikkei down by 0.63%, the Hang Seng down by 0.91% and the Shanghai Composite down 0.74%
European markets are also feeling the pinch this morning, with the FTSE currently down around 1%, the DAX down around 1.5% and the CAC down by 0.8%. US Nonfarm Payroll figures are out later today and markets will be hanging onto the results, with good numbers having the potential to help markets rally somewhat whilst bad numbers might herald an even greater fall. That will become clearer at 13:30 BST, when the NFP number is due.
Meanwhile, mixed news for tech stocks, as the announcement that French Mobile Operator Iliad is weighing an offer for T-Mobile US caused TMUS to jump by over 6% whilst causing a main US Competitor of T-Mobile – Sprint – to drop by 5%. Iliad has proposed to buy 56.6% of T-Mobile US for $15 billion in cash – T-Mobile US has yet to respond to the offer.
July trading ended on a sour note on Thursday, with markets plunging worldwide as Argentina’s debt default, Russian tension, Portuguese banking fears and a highly negative Chicago Purchasing Managers Index Reading (52.6) all came together in an unholy mix, with markets giving up all gains made over the course of the month – and in some cases, in the course of the whole year so far. An example of the latter was the Dow, which fell by 317 points (1.88%) over the course of the day’s trading. The S&P was down by 2% while the Nasdaq was down 2.1%. The effects rolled across to Asian markets, with the Nikkei down by 0.63%, the Hang Seng down by 0.91% and the Shanghai Composite down 0.74%
European markets are also feeling the pinch this morning, with the FTSE currently down around 1%, the DAX down around 1.5% and the CAC down by 0.8%. US Nonfarm Payroll figures are out later today and markets will be hanging onto the results, with good numbers having the potential to help markets rally somewhat whilst bad numbers might herald an even greater fall. That will become clearer at 13:30 BST, when the NFP number is due.
Meanwhile, mixed news for tech stocks, as the announcement that French Mobile Operator Iliad is weighing an offer for T-Mobile US caused TMUS to jump by over 6% whilst causing a main US Competitor of T-Mobile – Sprint – to drop by 5%. Iliad has proposed to buy 56.6% of T-Mobile US for $15 billion in cash – T-Mobile US has yet to respond to the offer.
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