Global shares fall on worries over China

TOKYO - Global shares sagged Tuesday as oil prices gave up overnight gains and China reported sharply lower trade figures for February.

See Full Article

A weaker dollar weighed on Japanese stocks following the release of revised data showing Japan's economy contracted in October-December.

KEEPING SCORE: France's CAC 40 lost 1.5 per cent in early trading to 4,376.63, and Germany's DAX was also down 1.5 per cent to 9,632.29. Britain's FTSE 100 edged down 0.9 per cent to 6,129.66. U.S. shares also were set to head lower, with Dow futures down 0.6 and S&P 500 futures down 0.7 per cent.

CHINA TRADE: China's exports plunged 25.4 per cent in February from a year earlier, as weak global demand and a business shutdown during the Lunar New Year holiday combined to depress sales. Customs data reported Tuesday showed imports fell 13.8 per cent.

ANALYST VIEWPOINT: "The figures (as expected) were terrible," Even Lucas of IG said of the China trade data. "Chinese lunar new year always skews the February numbers; however, the figure is much lower than expected and such a big miss has created some angst," he wrote in a commentary.

JAPAN DATA: Revised data showed Japan's GDP contracted at a 1.1 per cent annualized pace in the last quarter, compared to a 1.4 per cent expansion in the July-September quarter. It was a modest improvement over the previous estimate of a 1.4 per cent contraction in October-December.

COMMODITIES: Investors appeared skeptical over Monday's rally in oil, iron ore and other commodities, analysts said. Prices fell back slightly during Asian trading after a 5.5 per cent jump in U.S. crude prices overnight.

ASIA'S DAY: Japan's benchmark Nikkei 225 dropped 0.8 per cent to 16,783.15 and South Korea's Kospi lost 0.6 per cent to 1,946.12. Hong Kong's Hang Seng index shed 0.7 per cent to 20,011.58, while the Shanghai Composite inched up 0.1, regaining earlier losses, to 2,901.39. Australia's S&P/ASX 200 fell 0.7 per cent to 5,108.00, and other regional stocks also declined.

ENERGY: Benchmark U.S. crude fell 25 cents to $37.65 a barrel in electronic trading on the New York Mercantile Exchange. It jumped $1.98 on Monday to $37.90 a barrel. Brent crude, which is used to price international oils, fell 8 cents to $40.77 a barrel.

CURRENCIES: The euro was little changed at $1.1031, up from $1.1013. The dollar edged down to 112.93 yen from 113.27 yen.



Advertisements

Latest Economic News

  • B.C. envoy says the window is open slightly for softwood lumber deal with U.S.

    Economic CTV News
    VICTORIA -- British Columbia's softwood trade envoy says there's a slight opportunity to quickly negotiate a new lumber agreement between Canada and the United States, but if a deal can't be reached by the summer or fall it could mean a lengthy fight. Source
  • Lululemon shares drop after weak outlook

    Economic CBC News
    Shares of Lululemon Athletica Inc. fell sharply in after-hours trading Wednesday after the athletic-inspired sportswear company delivered a weak outlook for the current quarter. The Vancouver-based company says it earned $136.1 million US, or 99 cents per share, for the three months that ended Jan. Source
  • Cenovus Energy buying most of ConocoPhillips's Canadian assets for $17.7B

    Economic CTV News
    CALGARY -- Cenovus Energy (TSX:CVE) announced Wednesday it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to reduce its exposure to the oilsands. Source
  • Cenovus Energy buying most of ConocoPhillips' Canadian assets for $17.7B

    Economic CBC News
    Cenovus Energy of Calgary says it will spend $17.7 billion to acquire most of the Canadian assets of ConocoPhillips, making the Houston-based company the latest international player to exit the oilsands. Cenovus CEO Brian Ferguson is calling it a "transformational acquisition. Source
  • Canadian coal production hit three-decade low last year as demand wanes

    Economic CTV News
    CALGARY -- The National Energy Board says Canadian coal production dropped to a three-decade low last year as demand waned. Production came in at 60.4 million tonnes, a 12 per cent decline since 2013, and well off the peak of about 79 million tonnes reached in 1997, the NEB said Wednesday. Source
  • Etihad Airways responds to laptop ban with free iPad and Wi-Fi for 1st class

    Economic CBC News
    One Middle Eastern airline targeted by new U.S. rules banning computers on certain flights has responded by offering first and business class passengers complimentary use of a tablet computer with internet access while on board. Abu Dhabi-based Etihad Airways made the announcement on Wednesday, noting that so-called Premium passengers will be welcome to use the service as of Monday. Source
  • Sask. premier invites Calgary energy companies to move to Saskatchewan

    Economic CBC News
    Saskatchewan Premier Brad Wall is taking a turf war with Alberta to its economic heart, inviting energy companies based in Calgary to move their headquarters to his province. In a letter to Whitecap Resources, Wall offers to subsidize relocation costs, trim taxes and royalties and help find space in unused government buildings if the oil and gas firm moves to Saskatchewan. Source
  • Etihad to lend U.S.-bound passengers iPads as ban workaround

    Economic CTV News
    DUBAI, United Arab Emirates -- One Mideast airline affected by the ban on most electronics in the cabins of U.S.-bound flights will lend iPads to its top-paying travellers. Etihad Airways said on Wednesday that it will offer the tablets to U.S. Source
  • Bombardier senior execs earned nearly 50 per cent more in 2016

    Economic CTV News
    MONTREAL - Bombardier's senior executives saw their compensation rise by nearly 50 per cent last year at a time when it laid off thousands of workers, sought government aid and saw the first CSeries passenger jet take flight. Source
  • Fact check: U.S. President Trump didn't get luxury-model Air Force One

    Economic CTV News
    KIRKLAND, Wash. -- A widely shared story that claims to include photos of a recently delivered plane that will serve as Air Force One for U.S. President Donald Trump is false. The pictures included in the story do not show the presidential plane and are conceptual renderings from an outfitter of luxury aircraft. Source