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Global Markets Suggest Stock Sell-Off May Be Near an End Stocks Bounce Back After a Week of Selling
(about 4 hours later)
HONG KONG — After more than a week of gloom, global investors are signaling to Wall Street that it may be time to lighten up.HONG KONG — After more than a week of gloom, global investors are signaling to Wall Street that it may be time to lighten up.
Markets in Europe and Asia rose broadly on Friday just hours after the close of another tough day on Wall Street. Futures that track stocks in the United States rose as well, an indication that the trend could continue when investors there begin trading too. Stocks rose broadly on Friday, rebounding from a wave of selling that had hit markets in Asia, Europe and the United States.
In Asia, stocks in China and Japan finished modestly higher, while markets in Hong Kong and Taiwan rose more than 2 percent. In Europe, major share indexes in Britain, France and Germany were up less than 1 percent in morning trading. In Asia, stocks in China and Japan finished modestly higher, while markets in Hong Kong and Taiwan rose more than 2 percent. In Europe, major share indexes in Britain, France and Germany were up less than 1 percent in morning trading. In the United States, the Standard & Poor’s 500 benchmark rose more than 1.5% in early trading.
Trade data from China appeared to help. On Friday, it said exports rose more than expected in September thanks to growing shipments to Europe and stable trade with the United States despite the escalating trade war. The data offered a reminder that global demand remains strong despite broad concerns about rising interest rates and the worsening trade war between Washington and Beijing, even though both could bite in the future.Trade data from China appeared to help. On Friday, it said exports rose more than expected in September thanks to growing shipments to Europe and stable trade with the United States despite the escalating trade war. The data offered a reminder that global demand remains strong despite broad concerns about rising interest rates and the worsening trade war between Washington and Beijing, even though both could bite in the future.
“The trade-oriented industries are still vulnerable to further escalation,” Julia Wang, an economist with HSBC, said in a research note.“The trade-oriented industries are still vulnerable to further escalation,” Julia Wang, an economist with HSBC, said in a research note.
Skittish investors have been focusing on a host of global concerns that include rising borrowing costs in the United States, escalating trade tensions, the outlook for corporate earnings and sanctions on Iran, which could push the price of oil up.Skittish investors have been focusing on a host of global concerns that include rising borrowing costs in the United States, escalating trade tensions, the outlook for corporate earnings and sanctions on Iran, which could push the price of oil up.
“We all know that markets react emotionally sometimes, and there is plenty to be emotional about,” Christopher Smart, head of macroeconomic and geopolitical research at Barings, wrote in a note to investors.“We all know that markets react emotionally sometimes, and there is plenty to be emotional about,” Christopher Smart, head of macroeconomic and geopolitical research at Barings, wrote in a note to investors.
Mr. Smart listed economic events in Italy, Brazil and hawkish comments from Mike Pence, the United States vice president, about China as among the concerns gripping the markets.Mr. Smart listed economic events in Italy, Brazil and hawkish comments from Mike Pence, the United States vice president, about China as among the concerns gripping the markets.
“Oh, and the president said the Fed chair was ‘crazy,’” Mr. Smart added, referring to President Trump’s comments about the Federal Reserve policy to raise interest rates as “ridiculous,” “loco” and “crazy.”“Oh, and the president said the Fed chair was ‘crazy,’” Mr. Smart added, referring to President Trump’s comments about the Federal Reserve policy to raise interest rates as “ridiculous,” “loco” and “crazy.”
Early in the day China’s stock market was poised for broad-based selling and dropped by as much as 2 percent before coming back up. Chinese technology stocks, which suffered badly in the recent sell-off, led the resurgence.Early in the day China’s stock market was poised for broad-based selling and dropped by as much as 2 percent before coming back up. Chinese technology stocks, which suffered badly in the recent sell-off, led the resurgence.