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- Global Stocks: U.S. stock indices fell 1%
Global Stocks: U.S. stock indices fell 1%
On Monday U.S. stock indices posted their biggest decline in six weeks amid Chinese trade data and a revised global growth forecast.
The Dow Jones Industrial Average fell 179.85 points, or 1%, to 17,730.48. The S&P 500 lost 20.60 points, or 1%, to 2,078.60 (9 out of its 10 sectors declined). The Nasdaq Composite fell 51.82 points, or 1%, to 5,095.30.
The Organization for Economic Co-operation and Development cut its global economic growth forecast citing weakness in China and other emerging markets. The 2015 forecast was lowered to 2.9% from 3% and the next year forecast was cut to 3.3% from 3.6%.
Sources reported that Chinese imports and exports fell in October leaving the country a record trade surplus.
This morning in Asia Hong Kong Hang Seng dropped 1.31%, or 297.07, to 22,429.70. China Shanghai Composite Index edged down 0.14%, or 4.94, to 3.641.94. The Nikkei 225 climbed 0.13%, or 24.87, to 19,667.61.
Asian indices mostly slid following declines in U.S. stocks.
Chinese consumer price index rose by 1.3% y/y in October after a 1.6% increase in September. Economists had expected a 1.5% reading. A decline in inflation growth pace suggests that domestic demand remains weak. Food prices are among major negative contributors.
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