Tuesday began with European stocks and the FTSE 100 opening lower as investors look forward to the release of economic data and earnings updates this week. The FTSE 100 opened down by 0.33% at 7,599.34 points, while France's CAC 40 fell by 0.88% to 7,121.24 points. Germany's DAX also saw a decline, falling by 0.43% to 15,337.96 points.
In London, shares of online retailer ASOS (LON:ASOS) (LSE:ASC) were up nearly 1% despite the company reporting a drop in sales in the fourth quarter and warning that profits would be at the low end of expectations.
Across the Atlantic, Wall Street is set to focus on an updated reading for second-quarter US GDP this week, along with consumer spending data. On Monday, the Dow Jones gained 0.13% to close at 34,006.88 points, while the S&P 500 rose by 0.40% to settle at 4,337.44 points. The tech-heavy NASDAQ also experienced gains, increasing by 0.45% to trade at 13,271.32 points.
In Asia, investors are continuing to assess the state of China's property sector after property group Evergrande announced difficulties in restructuring its debt, leading to weakness in basic resources. Japan's Nikkei 225 fell by 1.11% to close at 32,315.05 points, while the Hang Seng in Hong Kong dropped by 1.43% to 17,475.08 points. In mainland China, the Shanghai Composite (SSE (LON:SSE):000001) declined by 0.43% to 3,102.27 points.
The pound-to-dollar exchange rate (GBPUSD=X) was at 1.21, meaning £1 will get you $1.21, while the pound-to-euro exchange rate (GBPEUR=X) was at 1.15.
Investors are also closely monitoring oil market movements as Brent continues to hover around $90 a barrel after Moscow announced a temporary ban on exports of gasoline and diesel to most countries, introducing new uncertainty into an already tight global market. At the time of writing, US crude oil, or West Texas Intermediate (CL=F), fell by 1.27% to trade at $88.54 a barrel, while Brent crude (BZ=F) lost 1.24% and was trading at $92.13 a barrel.
Source : Economy News by Investing.com / September 26, 2023