Wall Street falls into the “trap” of results and the impact...

Wall Street falls into the “trap” of results and the impact...
Wall Street falls into the “trap” of results and the impact...
US stocks fell on Thursday, after IBM and Tesla reported lower quarterly results, while investors awaited reports to see the impact of supply chain disruptions and labor shortages on companies.

The Dow Jones Industrial Average fell 89.02 points, or 0.25 percent, to open at 35,520.32 points. The Standard & Poor’s 500 index fell 3.95 points, or 0.09 percent, to 4,532.24 points. The Nasdaq Composite Index fell 16.88 points, or 0.11 percent, to 15,104.80 points.

European shares fell on Thursday, affected by negative sentiment stemming from renewed concerns about the real estate sector in China and mixed quarterly earnings results.

The pan-European Stoxx 600 index fell 0.4%, during trading, retreating from a six-week high. Asian stocks fell after news of a failed asset sale of $2.6 billion in debt-laden Chinese property developer Evergrande.

Evergrande Stock

Shares of China’s Evergrande, listed in Hong Kong and wracked by a debt crisis, lost 12% on Thursday, when the company resumed trading after a hiatus of more than two weeks.

Mining companies, automakers and industrial companies were at the forefront of the decliners in Europe, coinciding with growing concern about a group of corporate earnings results to be announced Thursday and in the coming weeks.

Shares in Swiss engineering and technology ABB fell 3.4 percent, after the company cut its annual sales forecast in the wake of a warning of a component shortage.

AB Volvo shares fell 2.1%, although earnings beat expectations, but warned that persistent chip shortages were hampering production at the truck maker.

Barclays shares fell 0.6% despite the Bank of England’s strong performance in the third quarter.

Shares of Unilever rose 1.2% after the consumer goods company achieved sales growth that exceeded expectations in the third quarter, despite raising prices, in an attempt to counteract rising energy prices and other costs.

European shares closed, on Wednesday, at their highest levels in six weeks, supported by the results of Nestle, and the European Stoxx 600 index closed 0.3% higher, and oil stocks helped to achieve profits with a slight rise in crude prices.

Japanese stocks

In Tokyo, the Japanese Nikkei index fell about 2%, Thursday, under the weight of new concerns about the Evergrande, anxiety ahead of a general election, and concerns about the impact of rising costs on the future of companies.

The Nikkei fell 1.87% to close at 28708.58 points, while the broader Topix index lost 1.13% and went down to 2000.81 points.

Last night, the US S&P and the Dow rose, but the Nasdaq fell as technology stocks took a breath.

The Nasdaq’s closing lower led to a sell-off in Japanese technology heavyweights, as investors anxiously await whether Prime Minister Fumio Kishida will take decisive action to bolster the pandemic-ridden economy.

“The ruling LDP is likely to win the majority, but it is not clear whether it will make changes that meet market expectations,” said Eko Mitsui, a fund manager at Aizawa Securities. Mitsui was referring to the elections to the lower house of parliament on October 31.

“Investors are also concerned about the potential impact of higher costs and oil prices, as well as supply chain disruptions, on companies’ outlook,” he added. (Reuters)

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