European stocks climb with USA futures ahead of ECB decision

Virginia Carson
October 27, 2018

The Dow .DJI fell 2.41 percent and the S&P 500.SPX lost 3.09 percent.

Hong Kong's equity market has been hit from all sides this year, caught in a US -led tech sell-off, a slump in the yuan, souring sentiment for emerging markets and one of the worst years ever for stocks across the border in mainland China.

Oil and gas producers Woodside Petroleum and Santos Ltd fell 2 per cent and 1.6 per cent, respectively.

Following big plunges at the open, Asia indices saw some respite as USA stock futures hinted that the rout could take a small breather.

The technology-heavy Nasdaq composite is now 12.3 per cent below its August peak.

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The Cboe Volatility Index .VIX , the most widely followed barometer of expected near-term gyrations for the S&P 500, jumped 4.52 points to close at 25.23, its highest close since February 12.

A screen displays a chart of the Dow Jones Industrial Average on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 24, 2018. But it will be the signal he sends about market volatility and concerns around Italy, his homeland, that could be most crucial. The MSCI Asia Pacific Index has moved an average 0.9% daily in October through Wednesday, the biggest swings since June 2016, data compiled by Bloomberg show. Hong Kong's Hang Seng index.HSI sank 2.2 percent.

It eventually found some traction, and after a 0.4 per cent bounce at the closing auction alone it closed up 1.1 points, or 0.02 per cent, at 5665.2 as USA index futures trimmed early losses to point to a 0.8 per cent loss tonight following after-market selling of tech giants Amazon and Google.

After rising modestly in early trade, the local share market's momentum quickly evaporated. The Australian dollar was quoted at $0.7063, down from $0.7099 on Wednesday.

"The US dollar has been strengthening this year and the pace has accelerated", said Leung, executive director at UOB in Hong Kong.

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But the index is still heading towards its worst month since the global financial crisis as Bell Direct equities analyst Julia Lee said U.S. tech stocks are impacting local indices.

Newcrest Mining extended gains and rose 0.7 per cent, while Evolution Mining advanced 0.6 per cent.

Adding to weaker sentiment in late trading, the Federal Reserve said in a report on the economy that USA factories have raised prices because of tariffs. "People should really think about that", said Mr Yeung. MSCI's broadest index of Asia-Pacific shares outside Japan seemed certain to start at its lowest since March past year.

"If you're a company and you're in charge of a capex budget there is so much uncertainty about the next few years in terms of a trade war, in terms of Brexit", said Jim McCafferty, head of Equity Research, Asia ex-Japan at Nomura.

"We still do not know the full outcome of this trade war as the United States and China act and react with rhetoric", said Jim McCafferty, the head of equity research for Asia ex-Japan at Nomura Holdings Inc. Only the headline has been changed.

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