Morning Briefing: China in focus as stocks slide

Morning Briefing: China in focus as stocks slide

Morning Briefing: China in focus as stocks slide China in focus as stocks slide
Chinese stocks took a tumble Wednesday with Shanghai taking its biggest drop in 5 weeks. The sell-off also affected Hong Kong but other indexes in Asia had better sessions including Sydney and Seoul. Tokyo jumped almost 2 per cent as weak export data fuelled expectation of BoJ stimulus.

European markets are flat so far with China and regional earnings in focus.

Wall Street is expected to open slightly higher with earnings from Coca-Cola, EBay and GM expected while mortgage applications and the EIA petroleum status reports are both due. The much-talked-about IPO for Ferrari also happens today.

The TSX is also set to open higher as optimism continues post-election.
 
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North America (previous session)
US Dow Jones 17,217.11 (-0.08 per cent) +4.28 per cent +3.63 per cent
TSX Composite 13,841.92 (+0.61 per cent) +0.45 per cent -4.85 per cent
 
Europe (at 6.15am ET)
UK FTSE 6,365.38 (+0.32 per cent) +4.20 per cent -0.11 per cent
German DAX 10,184.10 (+0.36 per cent) +2.37 per cent +14.60 per cent
 
Asia (at close)
China CSI 300 3,473.25 (-2.92 per cent) +4.99 per cent +42.73 per cent
Japan Nikkei 18,554.28 (+1.91 per cent) +2.68 per cent +25.33 per cent
 
Other Data (at 6.15am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
48.43
(-0.57 per cent)
45.62
(-1.45 per cent)
1175.10
(-0.20 per cent)
U$0.7695
 
Aus. Dollar
U$0.7227
 
Global brands told to repay EU tax benefits
Starbucks and Fiat have been ordered to repay tax breaks received from EU member nations with up to $34 million being sought. The European Commission has been investigating tax breaks offered to multinationals and are moving to close arrangements which offer unfair benefits from individual member states.
 
Oil prices continue to decline adding pressure on Middle East
Oil exporting nations in the Middle East are under pressure from the impact of persistent low oil prices but are holding steady on production levels so far. The IMF said Wednesday that much of the region will only grow by 2.5 per cent this year with oil exporters losing $360 billion in oil revenues. Syria, Iraq and Yemen are hard hit from lost revenues and war while Iran is expected to see growth of 4 per cent in the medium term as sanctions are lifted and oil exports resume.