Global stocks lower as jitters in China linger

SEOUL, South Korea -- Global stock markets were weaker Tuesday even as China's benchmark stabilized a day after plunging nearly 7 per cent.

See Full Article

European stocks opened mostly lower. France's CAC 40 fell 0.3 per cent to 4,507.35 and Germany's DAX dropped 0.4 per cent to 10,244.76. Britain's FTSE 100 added 0.2 per cent to 6,105.09. Futures suggested Wall Street was set to extend losses. Dow futures fell 0.5 per cent and S&P 500 futures slipped 0.5 per cent.

Earlier in Asia, China's Shanghai Composite Index finished down 0.3 per cent at 3,287.71 after wavering between gains and losses. It slumped 6.9 per cent on Monday, the first trading day of 2016. Japan's Nikkei 225 was down 0.4 per cent at 18,374.00 and Australia's S&P/ASX 200 slipped 1.6 per cent to 5,184.40.

South Korea's Kospi was up 0.6 per cent to 1,930.53 while Hong Kong's Hang Seng was down 0.7 per cent to 21,188.72. Markets in Southeast Asia were mixed.

Global stocks started the new year on a grim note as poor manufacturing reports from China and the U.S. triggered fears about waning growth around the world. The steep fall in Chinese markets on Monday prompted authorities to halt trading by using a new "circuit-breaker" mechanism for the first time.

"The moves seen in Chinese stock markets are quite concerning," said Angus Nicholson, market analyst at IG in Melbourne, Australia. Technical indicators "point to a likely renewed sell-off and a revisit of the late-August lows," he said in a market commentary.

Tensions in the Middle East also unnerved investors. Saudi Arabia severed diplomatic relations with Iran over the weekend in a dispute over the Saudis' execution of a Shiite cleric. Concerns about a potential threat to world oil supply caused a spike higher in oil prices.

Benchmark U.S. crude was up 4 cents to $36.80 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 28 cents to close at $36.76 a barrel on Monday. Brent Crude, the international standard, lost 5 cents at $37.18 per barrel in London.

In currencies, the dollar slipped to 119.09 yen from 119.43 yen on Monday. The euro weakened to $1.0775 from $1.0826.


Latest Economic News

  • Samsung profits plunge 17 per cent after Galaxy Note 7 recall

    Economic CTV News
    SEOUL, Korea, Republic Of -- Samsung Electronics says its third quarter profit has plunged 17 per cent as Galaxy Note 7 recalls nearly wiped out its mobile profit. The South Korean tech giant said Thursday that its July-September net income was 4.4 trillion won ($3.9 billion), down from 5.3 trillion won a year earlier. Source
  • Canadian government warns U.S. senators of potential lumber dispute consequences

    Economic CTV News
    WASHINGTON -- The Canadian government is warning U.S. politicians about the consequences of a possible new softwood-lumber dispute. A letter from International Trade Minister Chrystia Freeland and David MacNaughton, the Canadian ambassador to Washington, went out today to two dozen senators -- with a copy to President Barack Obama. Source
  • #GrabYourWallet boycott targets Trump family on the retail front

    Economic CBC News
    An eye-catching shoe piques your interest and draws you in. Upon closer inspection, the label leaps out at you — Ivanka Trump, in simple gold lettering — and you recoil as if stung. That's the kind of reaction behind a growing boycott of the products emblazoned with the brand of Republican presidential nominee Donald Trump as well as the popular, working women-targeted fashion line from his eldest daughter — who has arguably been his most influential and effective family member during the…
  • Tesla reports first quarterly profit in more than three years

    Economic CBC News
    Tesla Motors Inc. reported its first quarterly net profit in more than three years on Wednesday as record deliveries helped to offset rising expenses related to next year's roll-out of the company's mass-market Model 3 sedan. Source
  • First Nations filing lawsuit against Pacific NorthWest LNG project

    Economic CTV News
    Catherine McKenna, front right, Minister of Environment and Climate Change, speaks while flanked by Jim Carr, from left to right, Minister of Natural Resources, British Columbia Premier Christy Clark and Dominic LeBlanc, Minister of Fisheries, Oceans and the Canadian Coast Guard, after the federal government announced approval of the Pacific NorthWest LNG project, at the Sea Island Coast Guard Base, in Richmond, B.C. Source
  • Trans-Pacific Partnership trade deal doomed, ex-PM Brian Mulroney predicts

    Economic CBC News
    Former prime minister Brian Mulroney says the Trans-Pacific Partnership trade deal is doomed to fail because of hostility in the U.S. Congress. Mulroney made the prediction today after taking part in a ceremony to formally announce plans for the Brian Mulroney Institute of Government at his alma mater, St. Source
  • 'Muted' Canadian wage hikes seen next year: Conference Board

    Economic CBC News
    Canadian workers in non-union jobs can expect 'muted" wage hikes next year, with the lowest increases going to workers in Alberta and in the oil and gas industry, the Conference Board of Canada said Wednesday in a new report. Source
  • Apple struggling to keep up with demand for iPhone 7 Plus

    Economic CBC News
    Apple Inc's shares slipped as much as four per cent after the company said it was struggling to keep up with demand for its large-screen, higher-margin iPhone 7 Plus, potentially reducing sales and profits in the Christmas shopping period. Source
  • Global gender gap list puts Canada at 35th

    Economic CBC News
    Canada has come 35th — sandwiched between Luxembourg and Cape Verde — in the latest World Economic Forum annual report on gender-based disparities around the world. Iceland, Finland, Norway and Sweden are the top four countries on the WEF's Global Gender Gap index, which measures differences between men and women in economics, education, health and political empowerment among 144 countries. Source
  • New York's MoMA acquires original set of emojis

    Economic CTV News
    NEW YORK -- Back in the day, before cars could drive themselves and phones could send stickers and animations, a Japanese phone company released a set of 176 emojis. The year was 1999 and the tiny 12-by-12 pixel designs -- smiley faces, hearts of the intact and broken variety, cats, and so on -- were mainly popular in Japan. Source