European Markets Expected to Open Lower Following Subdued New Year Start
European Market Downswing
Impact on Major European Markets
- Germany’s DAX up by 0.11 percent,
- London’s FTSE down by 0.15 percent, and the
- CAC 40 in France falling 0.16 percent.
- Fresenius in Germany surging 3.38 percent,
- Zalando tumbling 2.28 percent, and
- Bayer rallying 2.07 percent, while in London,
- St. James Place plunged 3.63 percent,
- Prudential tanked 3.49 percent, and
- Vodafone jumped 1.75 percent.
- In France, Pernod Ricard fell 2.63 percent, while Societe Generale spiked 2.46 percent.
Asia-Pacific and U.S. Markets Affected
- U.S. stock futures also slipped in overnight trading, with the Nasdaq Composite registering its worst session since October.
- Indications are that the U.K.’s FTSE 100 index will open 16 points lower at 7,717,
- Germany’s DAX down 50 points at 16,719, and
- France’s CAC down 16 points at 7,514. December’s German unemployment data is set for release on Wednesday.
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South Korea and Taiwan lead Asia markets lower as tech firms
slide after Apple downgrade
This is CNBC’s live blog covering Asia-Pacific markets.
Asia-Pacific markets fell Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple.
Apple shares dropped 4% on Tuesday, after Barclays cut the iPhone maker’s rating to underweight and trimmed its price target to $160 from $161. Apple suppliers in major Asia markets fell, weighing down indexes in Taiwan and South Korea.
South Korea’s Kospi closed 2.34% lower at 2,607.31, while the small-cap Kosdaq fell 0.84% to end at 871.57. Most technology and chip stocks including Samsung Electronics, LG Corporation and SK Hynix fell about 3% each.
The Taiwan Weighted Index closed 1.65% lower at 17,559.31, with shares of Taiwan Semiconductor Manufacturing Company down 2.53% and Hon Hai, also known as Foxconn, falling 0.48%.
India’s factory activity data from S&P Global came in below expectations for December, according to a survey by S&P Global. The purchasing managers’ index for December hit an 18-month low of 54.9, compared with the 55.9 expected by economists polled by Reuters.
Shares of Apple suppliers in Asia slide after Barclays downgrades iPhone maker
Barclays cut Apple’s rating to underweight and trimmed its price target to $160 from $161.
Samsung Electronics shares slid as much as 3.01%, leading losses on South Korea’s Kospi that fell 1.78%. The South Korean electronics giant, as well as some of its subsidiaries, supply Apple with its screens and battery components.
Apple chip supplier Taiwan Semiconductor Manufacturing Corp also dropped as much as 2.02%, while shares of Hon Hai Precision Industry, which assembles iPhones and is known internationally as Foxconn, fell 0.48%.
— Lim Hui Jie, Shreyashi Sanyal
CNBC Pro: Investing pro says some sectors in China have ‘astonishing strength’ — and names stocks to play in 2024
China’s sluggish economy and property troubles turned many investors bearish in 2023 — but one sees a lot of promise in certain parts of the country’s market.
“The view has been, ‘why would you invest in the [Chinese economy]?’… I think there’s a lot of folks who are a little bearish, perhaps they think that China is on the verge of a collapse. I don’t share that view,” said Kingsley Jones, founder and chief investment officer at the Australia-headquartered investment firm Jevons Global.
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