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Asia stocks lose $5 trillion this year

27 October, 2018, 20:55 | Author: Kristi Dunn
  • Dow Jones drops almost 500 points after major stock market declines in Europe & Asia

The Russell 2000, which has been seen as a closer proxy for the strength of the USA economy as a larger percentage of its sales come domestically than the S&P 500, is now down nearly 16% from its highs and within spitting distance of a new 52-week low, as noted by Bespoke Investment Group. Futures on the Nasdaq 100 and Dow Jones Industrial Average climbed 0.5% and 0.2% respectively. December contracts on the S&P 500 Index rose 0.3% as of 12:27 p.m.in Tokyo.

Aurora Cannabis Inc., which debuted on the New York Stock Exchange, was down US$1.38 cents at US$7.31 on the USA market.

"The sentiment and the outlook seems to be turning more negative, or at the very least, less rosy".

Technology stocks and media and communications companies accounted for much of the selling.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 per cent.

Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that USA factories have raised prices because of tariffs.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday.

The Aussie was buying 70.25 at 1630 AEDT from 70.74 U.S. cents on Thursday.

The Lakers-Rockets clash culminated in a brawl
The extraordinary scenes overshadowed LeBron James's home debut with the Lakers, which ended in a 124-115 Rockets victory. Ingram and Rondo will start their suspensions on Monday night when the Lakers host the San Antonio Spurs .

Chipmakers Texas Instruments and STMicroelectronics warned of slowing demand.

The FAANG stocks, some of the highest fliers in the market since the beginning of 2017, were punished especially hard on Wednesday on no major market-moving news in the space, as Netflix (NFLX) shares fell 9.4%, Facebook (FB) stock fell 5% to approach a new 52-week low, while Amazon (AMZN) and Alphabet (GOOGL) shares lost more than 5% ahead of those companies' reports expected after the market close on Thursday.

The company, which came under intense scrutiny from the royal commission into the country's financial sector for wrongdoing earlier this year, also said it was contemplating an initial public offering for its New Zealand wealth management and advice businesses in 2019.

AT&T was among the big decliners in the media and communications sector, dropping 8.1 per cent to Dollars 30.36 after the communication giant's latest quarterly results fell short of Wall Street's expectations.

Dow futures erased losses on Wednesday after Boeing posted stronger-than-forecast quarterly earnings.

On Wednesday, data showed sales of new US single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing. The company also raised its estimates for the year, citing faster orders for aircraft.

The dollar weakened to 112.08 yen from 112.23 yen.

"This is more about global GDP because 3M is cutting its FY forecast so that is a worry for U.S. investors anxious about slowing growth: 'Is the world slowing down and will our companies feel the pain?,'" said Kim Forrest, senior portfolio manager at Fort Pitt Capital Group in Pittsburgh. The euro fell to $1.1395 from $1.1467.

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