U.S. stocks dropped following mixed data and earnings reports. Boeing, a component of the Dow Jones, dropped 4.5% despite earnings and revenue being stronger than expected as investors reacted to news that it’s 787 Dreamliner is costly. AT&T, a component of the S&P, reported worse than expected results and shares dropped 2% after the release. Sentiment was also affected by a shooting at Canada’s parliament and falling oil prices. At session close the S&P 500 was 0.73% lower and the Dow Jones was 0.92% lower.
Asian markets also declined across the region. The Hang Seng dropped 0.27% as fears surfaced over IPO’s taking funds away from existing shares. Three IPO’s offered shares on the market yesterday and six more should do the same today. The strong HSBC Manufacturing PMI failed to lift spirits. The Nikkei dropped 0.37% as exporter shares declined. Honda, which takes 84% of its revenue from abroad, lost 3%, Nissan lost 1.1%, and Fuji declined 1.3%.
European markets are mixed today after mixed data. Positive data was released from Europe; the overall Manufacturing PMI increased to 50.7 and the Services PMI increased to 52.4. In addition to this positive data also came from Germany and the German Manufacturing PMI was 51.8. This sent indexes higher and currently the CAC 40 is 0.23% higher and the DAX is 0.06% higher. However, data from the UK was disappointing. Retail Sales declined by 0.3% during the previous month and mortgage approvals were just 39.3K. The FTSE 100 as a result is 0.42% lower. Tesco, a component of the FTSE, has also added pressure to the index and it fell 5.6% after a weak earnings report and news that its chairman was stepping down after accounting mistakes. Unilever has also dropped 2.1% as sales slowed in the third quarter.
October 23, 2014 – Indices News
U.S. stocks dropped following mixed data and earnings reports. Boeing, a component of the Dow Jones, dropped 4.5% despite earnings and revenue being stronger than expected as investors reacted to news that it’s 787 Dreamliner is costly. AT&T, a component of the S&P, reported worse than expected results and shares dropped 2% after the release. Sentiment was also affected by a shooting at Canada’s parliament and falling oil prices. At session close the S&P 500 was 0.73% lower and the Dow Jones was 0.92% lower.
Asian markets also declined across the region. The Hang Seng dropped 0.27% as fears surfaced over IPO’s taking funds away from existing shares. Three IPO’s offered shares on the market yesterday and six more should do the same today. The strong HSBC Manufacturing PMI failed to lift spirits. The Nikkei dropped 0.37% as exporter shares declined. Honda, which takes 84% of its revenue from abroad, lost 3%, Nissan lost 1.1%, and Fuji declined 1.3%.
European markets are mixed today after mixed data. Positive data was released from Europe; the overall Manufacturing PMI increased to 50.7 and the Services PMI increased to 52.4. In addition to this positive data also came from Germany and the German Manufacturing PMI was 51.8. This sent indexes higher and currently the CAC 40 is 0.23% higher and the DAX is 0.06% higher. However, data from the UK was disappointing. Retail Sales declined by 0.3% during the previous month and mortgage approvals were just 39.3K. The FTSE 100 as a result is 0.42% lower. Tesco, a component of the FTSE, has also added pressure to the index and it fell 5.6% after a weak earnings report and news that its chairman was stepping down after accounting mistakes. Unilever has also dropped 2.1% as sales slowed in the third quarter.
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