Yahoo Finance Breaking News: China Posts Disappointing Economic Results
Asian stocks edged higher on Tuesday as investors shrugged off the economic turmoil in Turkey and turned their focus on a slew of economic data from China. Today’s reports include Fixed Asset Investment, Industrial Production, Retail Sales and the Unemployment Rate.
Japan’s NIKKEI produced the largest gain, rising 1.16%, with most major sectors supported by a weaker Japanese Yen. The currency retreated on profit-taking after several days of safe haven buying on uncertainty in Turkey drove it higher.
U.S. Equity Markets
The three major U.S. stock indexes fell on Monday as the financial crisis in Turkey worsened, driving investors out of risky assets.
The benchmark S&P 500 Index settled 0.4 percent lower at 2821.93 while posting its first four-session losing streak since March. The index was primarily pressured by weaker materials and energy sectors.
The blue chip Dow Jones Industrial Average declined 0.5 percent to 25187.70. The Dow 30 also posted its fourth straight day of losses, its longest losing streak since June. The Dow was pressured by a more than 1 percent drop in shares of Goldman Sachs and J.P. Morgan Chase.
The tech-driven NASDAQ Composite closed at 7819.71, down 0.25 percent, but gains were limited by 1 percent gains in Amazon and Apple.
The financial crisis in Turkey punished emerging-market stocks, which fell broadly on Monday. The popular iShares MSCI Emerging Markets exchange-traded fund (EEM) dropped 1.6 percent. The ETF also closed 18.4 percent off its 52-week high, putting it dangerously close to bear market territory.
U.S. Treasury Markets
Although global equity markets finished in the red on Monday, U.S. government debt yields rose on the first trading day of the week as financial concerns surrounding the stability of Turkey’s currency softened after the Turkish Lira bounced off its record low of 6.955 per dollar.
The yield on the benchmark 10-year Treasury note was higher at 2.875, while the yield on the 30-year Treasury bond was in the black at 3.044 percent.
BREAKING NEWS:
China posted weaker-than-expected economic numbers across the board in data just released. Fixed Income Investment came in at 5.5%, down from 6.0% and below a 6.0% forecast. Industrial Production was 6.0%, below the 6.3% estimate, but matching the previous month. Retail Sales fell to 8.8% from 9.0%, also coming in under the 9.2% forecast. Finally, the Unemployment Rate rose to 5.1% from 4.8%.
This article was originally posted on FX Empire
