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World Markets Today 04/10/2018

posted onOctober 4, 2018

Asia markets were lower on Thursday after upbeat U.S. economic data drove 10-year U.S. Treasury yields to their highest level since 2011.

With Treasuries the key gauge for Federal Reserve policymakers when deciding interest rate hikes, markets are growing more concerned that the cost of borrowing will rise more than previously expected and in turn hit the economy. The jump in yields sapped buying interest in riskier investments, like equities and also made safe-haven investments more attractive compared to stocks. China's markets remained closed for the Golden Week holiday.

European markets finished the trading session with sharp losses hit by mounting fears about the path of US interest rate hikes. Danske Bank, Denmark's biggest bank, dropped 4.6 percent on news it faces a U.S. criminal investigation into a 200 billion euro ($230.1 billion) money laundering scandal at its Estonian branch. In Athens, Greek lenders closed Thursday's trade on positive ground, a day after they saw a massive plunge. Piraeus Bank closed up over 9 percent and the National Bank of Greece also closed up around 9 percent. 

Across the Atlantic, U.S. stocks closed lower. The Dow Jones Industrial Average fell the most in two months on fears about an extended series of interest rate hikes by the Federal Reserve. The FAANG tech stocks were dragging the DJIA losses throughout the day. Meanwhile, US Vice-President Mike Pence delivered remarks at Washington's Hudson Institute where he accused Beijing of commercial theft while saying it was bent on interfering in upcoming US elections.

World Markets Headlines Today

Rising US yields and dollar slam Hong Kong shares (Nikkei Asian Review)
India: Sensex sinks 800 points, Nifty near 10600, RIL shares dive 6% (Mint)
Australia: ASX surges after Wall St lead (Australian Business Review)

European Shares To Open On Subdued Note (RTT News)
European stocks open lower amid a hawkish Fed; Italy's budget in focus (CNBC)
European markets are lower today with shares in France off the most (CNN Money)

Stocks Slide Deepens on Treasury Yield Worries (Bloomberg)
Dow tumbles 350 points, on verge of worst day in 4 months, as government bond yields surge (Marketwatch)
Dow Falls 300 Points as Treasury Yields Surge, Nasdaq Sinks 2% (The Street)

Gold edges down as dollar firms on hawkish Fed, robust US data
Oil falls as Saudi and Russia quietly agree to output rise, US stocks swell (Reuters)

All Continents Stock Indices Closing Prices

Japan's Nikkei was off 0.56% while Hong Kong's Hang Seng dropped 1.73%. Australia's ASX200 gained 0.49%. Seoul's KOSPI was off 1.52%. Singapore's STI decreased 1.10%. Jakarta's Composite lost 1.89% and Taiwan's Weighted Index finished the day 1.33% in the hole. Thailand's SET was off 0.72%. 

The Paneuropean STOXX600 was lower by 1.08%. France's CAC fell 1.47%. London's FTSE was down 1.22% and Amsterdam's AEX was off 1.58%. Belgium's BEL 20 dropped 0.82%. Lisbon's PSI20 lost 0.76% while Spain's IBEX 35 fell 0.50%. Italy's FTSE MIB moved downward 0.59%. In Zurich, the SMI finished the day 0.85% in the hole.

In Russia, Moscow's IMOEX was lower by 1.16%. In Scandinavia, Oslo's OBX fell 1.02%, Stockholm's OMXS30 was down 0.97% while Copenhagen's OMXC25 dipped 3.73%. Helsinki's OMXHPI was lower by 0.60%.

In Central Eastern Europe, Budapest's BUX lost 0.18% while Warsaw's WIG dropped 0.77%. Prague's PX rose 0.29%. Bratislava's SAX was unchanged. Tallinn's OMXT ticked down 0.01% and Riga's OMXR grew 0.26%. In Vilnius, the OMXV moved downward 0.23%.

In Southeastern Europe, Bucharest's BET increased 0.25%. Sofia's Sofix was higher by 0.06%. Belgrade's Belex15 grew 0.66%. Podgorica's MNSE10 was up 0.56%. Sarajevo's SASX10 was down 0.55% while Banja Luka's BIRS was up 0.11%. Ljubljana's SBI Top lost 0.40%. Zagreb's CROBEX was lower by 0.34%. In Skopje, the MBI10 lost 1.65%. Istanbul's BIST 100 slumped 2.77%. In Athens the General Index rose 1.43% while in Nicosia fell 0.61%.

Egypt's EGX30 fell 1.46%. Malawi's ASI dipped 2.65% and Nigeria's ASI was lower by 0.09%. 
Nairobi's ASI increased 0.75%. Uganda's ASI fell 0.67%. 

In the U.S., the Dow Jones was off 0.75% and the S&P 500 lost 0.82%. The Nasdaq was lower by 1.81%. In Canada, the S&P TSX Composite dropped 0.41%. Brazil's Bovespa climbed 1.64%  while Mexico's IPC fell 0.66%. Chile's IPSA added 0.05%.

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