Overseas Trading: Europe Slides as Banks, Autos Weigh on Bourses

China stocks edged higher as more weak data fed into stimulus speculation

Sep 28, 2015 at 8:32 AM
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It was a low-volume session in Asia today, with several regional markets -- including those in Hong Kong and South Korea -- closed in observance of the Mid-Autumn Festival. In Tokyo, the Nikkei finished down 1.3% after Bank of Japan Governor Haruhiko Kuroda dampened expectations for further easing (and as a slew of stocks went ex-dividend). Meanwhile, China's Shanghai Composite managed to end 0.3% higher, with a sharp year-over-year decline in industrial profits stoking speculation of additional stimulus measures.
European stocks are lower across the board at midday, pressured by ongoing concerns over China's economy. Closer to home, traders are also responding to a Swiss probe of major European banks -- including Barclays, Morgan Stanley, and Deutsche Bank -- for possible collusion in the precious metals market.

In the auto sector, Volkswagen shares resumed their recent slide as details of the emissions scandal continue to unfold, with the company announcing that more than 2 million Audi vehicles are affected as German officials launch a probe into former CEO Martin Winterkorn. At last check, the French CAC 40 is down 2.4%, the German DAX is off 1.7%, and London's FTSE 100 is 1.6% lower.

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