Free Trial

Industrials Underperforming As Hang Seng Enters Bear Market

EQUITIES

The standout move overnight was a sharp decline in the Hang Seng which brought the index into bear market (-20% from Feb 2021 peak) territory, on continued concerns over the regulatory environment.

  • Meanwhile European markets are broadly lower, with industrials and consumer staples dragging down the major indices.
  • Tech is outperforming, both in Europe and the U.S. (NASDAQ off slightly less than the DJ/S&P).
  • Note Deere earnings beat estimates and they boosted its net income forecast for 2021.
  • Japan's NIKKEI closed down 267.92 pts or -0.98% at 27013.25 and the TOPIX down 16.51 pts or -0.87% at 1880.68. China's SHANGHAI closed down 38.221 pts or -1.1% at 3427.334 and the HANG SENG ended 466.61 pts lower or -1.84% at 24849.72.
  • European stocks are weaker, with the German Dax down 68.3 pts or -0.43% at 15765.81, FTSE 100 down 14.72 pts or -0.21% at 7058.86, CAC 40 down 25.62 pts or -0.39% at 6605.89 and Euro Stoxx 50 down 6.49 pts or -0.16% at 4124.71.
  • U.S. futures are lower, with the Dow Jones mini down 138 pts or -0.4% at 34680, S&P 500 mini down 17 pts or -0.39% at 4384.5, NASDAQ mini down 31.5 pts or -0.21% at 14896.5.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.