Stock market events scheduled for today likely to move markets
China and Germany stock markets closed today.
Japan – foreign investment data
Australia – balance of trade data
Germany – PMI data due
UK – PMI service data due
EU – retail sales data due
U.S. – employment data due – jobless claims
U.S. – services & non-manufacturing PMI & factory orders data due
Other market moving news today, October 3rd 2019
Asia stocks fall – Japan’s Nikkei drops by around 2% to close at: 21342. Ted Baker shares fall by nearly 30% at open – another UK retailer under pressure. The fashion chain Ted Baker has posted a pre-tax loss of £2.7 million for the 28 weeks ending 10 August 2019, compared with profits of £25m in the same period in the previous year. FTSE 100 slides.
UK heightened risk of technical recession?
Reports today suggest that the UK economy may have slipped into recession as businesses wait for a potentially disruptive Brexit in just a few weeks’ time.
Also a PMI survey suggested activity in the dominant services sector shrank last month.
U.S. imposses EU tariffs
U.S. imposes tariffs on EU (and UK) goods after winning WTO challenge over ‘unfair’ subsidies for airbus. UK court ruling says women’s pension age was not discriminatory.
U.S. job data and Dow
U.S. jobless claims 219,000 vs 215,000. Dow shows resilience at open after two days of heavy losses. Will Dow hold up after release of PMI service and manufacturing data today?
The answer to that questions is… no! U.S. services PMI reading for September disappoints – Dow falls some 300 points. PMI reading actual 52.6 vs 55.0 consensus.
Federal Reserve rate cut?
Is another Federal Reserve interest rate cut now more likely? Will a third rate cut in as almost asmany months indicate that the U.S. economy is less robust that originally thought? Is the U.S. closer to a slowdown?
The European Union’s highest court ruled that member states can order Facebook and other online services to remove illegal content beyond their borders.
Oil price slips
Oil slipped below $58 a barrel amid worries of reduced oil demand and signs of excess supply and of renewed global economic growth concerns.
Saudi Arabia has also reported that oil output is fully restored after the attacks on its facilities last month. Opec also recently cut production.
WOW! Dow loses some 300 points in minutes of opening and then recovers pretty much all of that loss just two hours later. Dow at: 26080 at 16:30 BST.
U.S. interest rate cut expectations increases.
The EU appear to be unconvinced by Boris Johnson’s latest Brexit proposals.
UK disappointed by US tariff plans
Prime Minister Boris Johnson’s spokesman is reported to have said, ‘the government is disappointed by U.S. plans to place 25% tariffs on products including European made Airbus planes and Scotch whiskies’.
FTSE 100 closed down at: 7077. Dax closed today. Nikkei closed down at: 21342.
After 2 days of losses for the Dow, S&P 500 and Nasdaq indices – they made a good recovery today, especially from intra-day lows.
The Dow closed up at: 26201. The S&P 500 closed up at: 2910 and the Nasdaq also closed up to finish at: 7827.