Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


While you were sleeping: China hits stocks, copper

While you were sleeping: China hits stocks, copper

March 11 (BusinessDesk) – Stocks and commodities including copper and iron ore fell after a surprise drop in China’s exports bolstered concern about the slowing growth in the world’s second-largest economy.

China’s exports sank 18.1 percent in February from a year earlier, according to General Administration of Customs data on the weekend. As a result, copper futures for May delivery shed 1.5 percent to US$3.0355 a pound in afternoon trading on the Comex in New York, extending Friday’s slide of about 4 percent.

In afternoon trading in New York, the Dow Jones Industrial Average fell 0.35 percent, the Standard & Poor’s 500 Index slipped 0.14 percent, while the Nasdaq Composite Index edged 0.13 percent lower.

"Any poor news from China is always going to hit short-term market sentiment, especially in the mining sector, and fears of slower growth will hit base metals," IPR Capital director Steven Mayne told Reuters.

Slides in shares of Boeing, last down 2.3 percent, and those of Verizon, last down 0.9 percent, led declines in the Dow.

Boeing was dragged lower after saying it would inspect wings for cracks on undelivered 787s, and after a 777 flown by Malaysian Airline System disappeared over the ocean three days ago.

“News of the wing and inspections likely lower first quarter deliveries, plus the 777 aircraft incident in Asia will likely weigh on the Boeing stock this week,” Peter Arment, an analyst at Sterne, Agee & Leach, told Bloomberg News.

In Europe, the Stoxx 600 Index ended the session with a 0.5 percent drop from the previous close. The UK’s FTSE 100 fell 0.4 percent, while Germany’s DAX gave up 0.9 percent. France’s CAC 40 added 0.1 percent.

Concern about the ongoing crisis in Ukraine keeps weighing on markets worldwide.

Meanwhile, Philadelphia Federal Reserve Bank President Charles Plosser reiterated his concern that the US economy might be stronger than policy makers anticipate and suggested the Fed should accelerate the tapering of its monthly bond-buying programme.

On Friday, a report showed American employers added a higher-than-expected 175,000 jobs, while January’s jobs gain was revised up. The unemployment rate rose to 6.7 percent, from 6.6 percent.

“I expect that the unemployment rate will reach about 6.2 percent by the end of 2014, and, if anything, that may prove too pessimistic,” Plosser said in a speech in Paris. “Given the recent trends, an unemployment rate below 6 percent is certainly plausible.”

“Reducing the pace of asset purchases in measured steps is moving in the right direction, but the pace may leave us well behind the curve if the economy continues to play out according to the FOMC forecasts,” Plosser said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news