Yahoo Finance LIVE: Wall Street lower as economic data disappoints while FTSE gains
Wall Street and European stocks were all lower on Tuesday afternoon, while the FTSE 100 gained at market close, as the latest home sales and consumer confidence reports added to concerns over the state of the US economy.
Meanwhile, China's property sector is also weighing on the markets after Evergrande Group (3333.HK) said it will be unable to issue new debt due to an ongoing government investigation into its unit Hengda Real Estate Group.
Investors will also still be digesting central bank decisions from last week and keeping across earnings updates, including from online retailer ASOS (ASC.L), Costco (COST), Nike (NKE) and Carnival (CCL).
FTSE and European stocks
The FTSE 100 (^FTSE) gained 0.02% to end the session at 7,625.72 points, while the CAC 40 (^FCHI) in Paris remained lower, down 0.71% to 7,072.98 points. In Germany, the DAX (^GDAXI) also declined by 0.97% to close at 15,255.87 points.
In London, ASOS shares fell nearly 2% after the fast fashion company reported a drop in sales in the fourth quarter and warned profit would be at the low-end of expectations.
US and Asia
The Dow Jones (^DJI) fell 0.56% to 33,815.03 points, while the S&P 500 (^GSPC) dropped 0.71% to 4,306.51 points. The tech-heavy NASDAQ (^IXIC), meanwhile, lost 0.78% to trade at 13,174.74, in afternoon trade.
US stocks were lower as fresh data showed a drop in consumer confidence in September and a rise in US home prices to a record in July.
With recession worries still in play, JPMorgan CEO Jamie Dimon warned markets may not be prepared for a worst-case scenario where the Fed lifts rates to 7% alongside stagflation.
Wall Street will also focused on an updated reading for second-quarter US GDP this week as well as consumer-spending data.
In Asia, investors continue to consider the state of the property sector in China after it emerged that property group Evergrande said it was struggling to organise a process to restructure its debt, prompting weakness in basic resources.
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Japan’s Nikkei 225 (^N225) fell 1.11% to close at 32,315.05 points, while the Hang Seng (^HSI) in Hong Kong lost 1.43% to 17,475.08. In mainland China, the Shanghai Composite (000001.SS) declined by 0.43% to 3,102.27 points.
Pound
The pound to dollar exchange rate (GBPUSD=X) was at 1.21, meaning £1 will get you $1.21. Meanwhile, the pound to euro exchange rate (GBPEUR=X) was at 1.15.
UK recession figure have been weighing negatively on the pound with JPMorgan CEO Jamie Dimon adding to these concerns after he highlighted the potential fragility of the US economy, should rates reach extreme levels.
Oil prices
Investors are keeping across oil market moves as Brent continues to hover around $90 a barrel after Moscow announced a temporary ban on exports of gasoline and diesel to most countries, bringing new uncertainty into an already tight global market.
US crude oil, or West Texas Intermediate (CL=F), rose 0.23% to trade at $89.89 a barrel, while Brent crude (BZ=F) gained 0.11% and was at $93.40 a barrel.
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