Morning Briefing: Commodities weigh on Asia, Global stocks mixed

Morning Briefing: Commodities weigh on Asia, Global stocks mixed

Morning Briefing: Commodities weigh on Asia, Global stocks mixed Commodities weigh on Asia, Global stocks mixed
Global markets have been mixed so far Tuesday. Asian equities have suffered from a weak-lead from Wall Street and from a sell-off in the commodity sector as concern mounts over demand. Tokyo’s Nikkei was off by more than 4 per cent.
European indexes are broadly flat following Asia’s decline but are expected to continue in positive territory.
The TSX and Wall Street are looking like starting higher following the slump in the previous session.
 
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North America (previous session)
US Dow Jones 16,001.89 (-1.92 per cent) -3.85 per cent - 6.49 per cent
TSX Composite 13,004.58 (-2.80 per cent) -6.21 per cent -13.17 per cent
 
Europe (at 6.20am ET)
UK FTSE 5,928.49 (-0.51 per cent) -5.11 per cent - 10.80 per cent
German DAX 9,487.97 (+0.05 per cent) -7.87 per cent + 0.69 per cent
 
Asia (at close)
China CSI 300 3,178.85 (-1.97 per cent) -4.89 per cent +29.87 per cent
Japan Nikkei 16,930.84 (-4.05 per cent) -11.53 per cent +3.80 per cent
 
Other Data (at 6.20am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
47.82
(+1.01 per cent)
44.90
(+1.06 per cent)
1126.10
(-0.49 per cent)
U$0.7457
 
Aus. Dollar
U$0.6982
 
 
Goldman Sachs sees lower S&P500
Oil prices and China have led to Goldman Sachs cutting its forecast for the S&P 500 equity index. The bank had been predicting a 2,100 end for the year but is now looking at 2,000, a 5 per cent cut. Its earnings per share expectation is U$109 compared to its previous forecast of $114.
 
Oil prices rise as US supply slips
As the US economy gains and the drawdown on stockpiles increases oil prices have rebounded despite concern over China’s weaker demand. The markets are awaiting official US data Wednesday which will give a clearer picture of the country’s supply and demand.
 
India cuts interest rates
The Reserve Bank of India has cut the country’s interest rates for the fourth time this year. The rate was cut by 0.5 per cent to 6.75 per cent, beating analysts’ expectations. The Indian economy is growing but not as fast as had been expected.