Stocks pull back after disappointing earnings

IFC Markets

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Oct 31, 2012
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Dollar weakening halts
US stocks pulled back on Tuesday after weak earnings reports. The S&P 500 lost 0.4% to 2995.99. The Dow Jones industrial average slid 0.2% to 26788.10 as heavy losses from McDonald’s and Travelers on earnings misses outweighed United Technologies and Procter & Gamble gains. Nasdaq fell 0.7% to 8104.30. The dollar weakening reversed after Richmond Fed Manufacturing Index surprise improvement for October while Existing Home Sales fell more than expected in September. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 97.52 and is higher currently. Stock index futures point to lower openings today.


FTSE 100 biggest winner among European indexes
European stocks extended gains on Tuesday. The GBP/USD joined EUR/USD’s decline with both pairs higher currently. The Stoxx Europe 600 ended 0.1% higher led by energy stocks. The German DAX 30 edged up 0.1% to 12754.69. France’s CAC 40 advanced 0.2%. UK’s FTSE 100 rose 0.7% to 7212.49 as UK parliament voted to consider Prime Minister Boris Johnson’s Brexit plan but rejected his rapid timetable for approval.


Asian indexes retreat while Australia’s All Ordinaries Index edges higher
Asian stock indices are mixed today. Nikkei rose 0.3% to 22625.38 as yen continued its climb against the dollar. Chinese stocks are falling as reports late Tuesday indicated China plans to replace Hong Kong administrator by March: the Shanghai Composite Index is down 0.4% and Hong Kong’s Hang Seng index is 1% lower. Australia’s All Ordinaries Index edged up 0.01% as Australian dollar continued sliding against the greenback.

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Brent down
Brent futures prices are edging lower today. Prices rose yesterday on reports Organization of the Petroleum Exporting Countries consider making further reductions to crude output when they meet in December. Trade group the American Petroleum Institute late Tuesday report indicated US crude supplies rose by 4.45 million barrels last week. December Brent rose 1.3% to $59.70 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.