Overseas Trading: Global Stocks Slump Ahead of U.S. Fed Minutes

Global markets are broadly lower, despite a recovery in oil prices

Oct 12, 2016 at 8:47 AM
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Global stocks are largely in the red today, despite a recovery in crude oil prices. Traders are looking ahead to this afternoon's release of the Federal Open Market Committee's (FOMC) September meeting minutes in the U.S. Investors will be parsing the minutes for clues on the possible timing of the next interest rate hike, following signs of dissent among committee members.

In Asia, Japan's Nikkei shed 1.1%, despite core machinery orders falling less than expected last month. Steelmakers in the region were hurting after Tuesday's earnings disappointment from metal stock Alcoa Inc (NYSE:AA). Hong Kong's Hang Seng and China's Shanghai Composite dropped 0.6% and 0.2%, respectively, with bank stocks leading the losers. South Korea's Kospi bucked the downbeat trend, adding nearly 0.1% in spite of further losses for Galaxy Note 7 maker Samsung Electronics -- which announced it would permanently cease production and sales of the fire-prone smartphone.

Markets in Europe are broadly lower at midday, with tech and telecom stocks coming under pressure after Ericsson issued a profit warning -- putting the stock on pace for its worst day in nine years. London's FTSE 100 was last seen off 0.1%, as the pound rose after Prime Minister Theresa May agreed to allow Parliament involvement in Brexit plans. Elsewhere, France's CAC 40 and Germany's DAX have shed 0.2% each.

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