Overseas Trading: Energy, Bank Stocks Smack Global Markets

German-based Deutsche Bank is leading a sell-off in financial shares

by Karee Venema

Published on Sep 26, 2016 at 8:47 AM

Asian benchmarks followed U.S. stock markets into the red, as diminished hopes that an output agreement will be reached at this week's meeting of global oil producers weighed on regional energy stocks. China's Shanghai Composite fared the worst of its peers, shedding 1.7%. Hong Kong's Hang Seng, meanwhile, gave back 1.6%, and South Korea's Kospi surrendered 0.3%.

Elsewhere in the region, Japan's Nikkei plunged 1.3%, after Bank of Japan (BoJ) Governor Haruhiko Kuroda signaled the central bank was prepared to make steeper cuts in interest rates -- sending bank and insurance shares tumbling -- in the wake of last week's policy shift. Apple Inc. (NASDAQ:AAPL) suppliers also took a hit, amid speculation of lagging sales for the company's new iPhone 7.

European stocks are in the red at midday, as financial and energy shares swoon. Deutsche Bank AG is one of the leading laggards -- down roughly 6% -- after a report in Germany's Focus magazine indicated German Chancellor Angela Merkel had dismissed giving state aid to the bank. At last check, the French CAC 40 is down 1.7%, the German DAX is off 1.6% -- despite a report showing business sentiment hit its highest level in two years in September -- and London's FTSE 100 is 1.2% lower.

overseas trading september 26

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 

A Schaeffer's exclusive

6 Sectors for Summer

Access your FREE insider report before it's too late!


  
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Huge New Legal Marijuana Market Has Shortage Crisis
250 million Europeans have access to medical marijuana. There's already a shortage....
J M Smucker Stock Jammed by Ugly Sales Outlook
J M Smucker's fourth-quarter profits and revenue were better than Wall Street expected
NIO Rises on Record-Breaking Deliveries
Nio stock hit a record high in vehicle deliveries for May
The Next Big Player in U.S. MJ Boom
Most pure-play marijuana stocks in the U.S. trade on the Over-the-Counter stock exchange.