(19 OCTOBER 2018)DAILY MARKET BRIEF 1:Sell-off continues

(19 OCTOBER 2018)DAILY MARKET BRIEF 1:Sell-off continues

19 October 2018, 14:54
Jiming Huang
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The stock market sell-off remains centred in developed economies. The Euro Stoxx 600 was down 0.42%, driven by Brexit deadlock and growing confrontation between the EU executive and the Italian populist coalition over the latter’s 2019 spending plan. The biggest loser in Europe remains the DAX, with a drop of nearly 1% amid a weakening CDU-CSU coalition following Bavarian elections. Geopolitical tensions pushed US shares lower. Tech stocks were hit hardest with the NASDAQ down -2%, DJIA -1.20% and S&P 500 -1.45%. The US decline was also induced by Treasury Secretary Steven Mnuchin’s announcement that he won’t participate at an investment conference in Saudi Arabia, due to the disappearance of journalist Khashoggi. Asian shares remained solid aside from Japanese Nikkei 225, down 0.56%. Chinese shares remained solid following Chinese regulators statements that they will be supporting the economy. The Shanghai CSI 300 index closed at +2.97% after dropping to a 3-year low in early trading. Hong Kong’s Hang Seng remained up +0.42%. Australian shares fell slightly at -0.05%.

By Vincent Mivelaz

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