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| Wall Street Opens Lower on Weak Chinese Trade Data | Wall Street Opens Lower on Weak Chinese Trade Data |
| (about 2 hours later) | |
| Wall Street markets were lower on Monday with unexpectedly weak data in China tempering enthusiasm over the strength of the global economy. | |
| By midday the Dow Jones industrial average was down 0.48 percent and the Standard & Poor’s 500-stock index was down 0.34 percent. The Nasdaq composite index was down 0.31 percent. | |
| China’s exports unexpectedly tumbled 18.1 percent in February, against expectations of a 6.8 percent rise, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy, despite the Lunar New Year holidays being blamed for the slide. | China’s exports unexpectedly tumbled 18.1 percent in February, against expectations of a 6.8 percent rise, swinging the trade balance into deficit and adding to fears of a slowdown in the world’s second-largest economy, despite the Lunar New Year holidays being blamed for the slide. |
| The data was a minor weight on positive sentiment generated by Friday’s better-than-expected United States payrolls report, which sent the S.&P. 500 to a record high for a second consecutive session. | |
| “We did shrug off the (China data), almost as if was a nonevent,” said Peter Kenny, chief executive of Clearpool Group in New York. | |
| “I don’t think it’s disruptive to the way people are looking at China as an economy that has lost some of its hyperbolic move and that is almost welcome.” | |
| Freeport McMoRan Copper & Gold lost 2.6 percent to $31.35 as signs of a slowing China sent London copper to an eight-month low. The S.&P. materials index lost 0.4 percent. | |
| Sunday marked the five-year anniversary of the S.&P.'s 12-year low of 676.53, when the economy suffered its worst recession in seven decades. | |
| “That five-year anniversary has given market investors a sense of pause rather than a sense of enthusiasm because there is still this lingering fear that resides in the approach people have with the market - have we come too far, too fast? Are valuations justified?” Mr. Kenny said. | |
| In a speech at the Bank of France, the Philadelphia Fed president, Charles Plosser, said severe winter weather probably affected job growth in February, the latest United States central banker to suggest that some weakness in the labor market was only temporary, indicating the Fed will stay on course in winding down its stimulus measures. | In a speech at the Bank of France, the Philadelphia Fed president, Charles Plosser, said severe winter weather probably affected job growth in February, the latest United States central banker to suggest that some weakness in the labor market was only temporary, indicating the Fed will stay on course in winding down its stimulus measures. |
| Boeing said on Friday that “hairline cracks” had been discovered in the wings of about 40 787 Dreamliners that are in production, another setback for the company’s newest jet. Separately, the disappearance of a Malaysian jetliner, a Boeing 777-200ER, is an “unprecedented aviation mystery,” a senior official said on Monday. Shares were down about 2 percent by midday. | |
| McDonald’s reported a bigger-than-expected drop in comparable global sales at established restaurants for February, with competition and bad weather battering United States sales. Shares were down 0.1 percent. | |
| Chiquita Brands and an Irish rival, Fyffes, Europe’s largest distributor, have struck an all-stock merger deal to create the world’s biggest banana supplier. Chiquita shares jumped 12.3 percent. | |
| United Rentals, the world’s largest equipment rental company, said on Sunday that it had agreed to acquire the privately held National Pump, the second-largest specialty pump rental company in North America, for $780 million. Its shares were up 3.7 percent. | |
| Asian stocks fell sharply and the dollar dropped from recent highs, but European stocks did not continue the trend, with most major indexes higher through late-morning trading. | Asian stocks fell sharply and the dollar dropped from recent highs, but European stocks did not continue the trend, with most major indexes higher through late-morning trading. |
| MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.4 percent, and the Nikkei stock average in Tokyo shed 1 percent, retreating from a six-week high reached on Friday. The CSI 300 index in China slid to its lowest point in nearly nine months, and the Hang Seng Index in Hong Kong shed 1.8 percent | MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.4 percent, and the Nikkei stock average in Tokyo shed 1 percent, retreating from a six-week high reached on Friday. The CSI 300 index in China slid to its lowest point in nearly nine months, and the Hang Seng Index in Hong Kong shed 1.8 percent |
| European shares faded through the morning, and the continued weakness in the DAX and big German firms that sell to Russia offset gains by Portuguese, Italian and Spanish stocks. | European shares faded through the morning, and the continued weakness in the DAX and big German firms that sell to Russia offset gains by Portuguese, Italian and Spanish stocks. |
| Merger activity in France helped the CAC 40, but mining firms sensitive to China’s ferocious appetite for raw materials weighed on London’s FTSE 100 as commodities and related currencies lost altitude. | Merger activity in France helped the CAC 40, but mining firms sensitive to China’s ferocious appetite for raw materials weighed on London’s FTSE 100 as commodities and related currencies lost altitude. |