US. Equities slumped on Monday after disappointing economic data from Europe triggered further fears of a global slowdown.
Here were the main moves on the market from 9:38 am CET:
S & P 500 (^ GSPC): -0.17% or 5.22 points
Dow (^ DJI): -0 , 25% or 68.36 points
Nasdaq (^ IXIC): -0.14% or 11.08 points
US Crude Oil Prices (CL = F): -0.17% to $ 57.99 a barrel
10-year yield (^ TNX): -5.4 basis points to 1.699%
Gold (GC = F): + 0.75% to $ 1,526.40 per ounce
Activity in German Manufacturing contracted to its lowest level in more than a decade in September, IHS Markit said on Monday in its preliminary report for the month. The country's manufacturing PMI fell to 41.4, well below the neutral 50 and consensus expectations for a value of 44.0. The Composite German PMI, which includes both manufacturing and services, fell to a seven-year low of 49.1.
"The numbers are just awful. Any uncertainty about trade wars, the outlook for the auto industry, and Brexit are paralyzing order books. In September, the industry was the worst since the depths of the financial crisis in 2009, "said Phil Smith, chief economist at IHS Markit in a statement.
The results for the largest economy in the eurozone contributed to a weaker preliminary report for the entire currency bloc in September.
The composite purchasing managers index of the Eurozone fell at a six-year low of 50.4 for the year month, a hair above the level required to ind expansion of 51.9 in the previous month. With a September value of 45.6 from 47.0, the euro area manufacturing sector fell further into the downturn during the month. Service industries expanded more slowly, from 52.0 in September to 53.5 in August.
"The eurozone economy is nearing a standstill and a worsening manufacturing downturn is showing signs of widening to the services sector." Chris Williamson, chief economist at IHS Markit, said in a statement:
In the meantime, investors have been analyzing the new developments in US-China trade discussions. On Friday, stock prices reversed and ended the session lower after it became known that Chinese mid-level negotiators meeting with their US counterparts in Washington, DC, would not meet with farms in Montana and Nebraska as originally planned ,
New reports largely indicate that a change in schedule was due to a cancellation by the Chinese delegation. The US reportedly called on Chinese negotiators not to meet with farmers in the heartland for unspecified national reasons, Bloomberg said on Sunday, citing unnamed individuals familiar with the matter.
High-level US-China talks face Washington in the second week of October, the Bloomberg report added, confirming recent reports that the two sides would meet again next month.
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