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Stocks Have Rare Down Day as China Rout Unsettles Markets

EQUITIES
  • Wall Street headed into the close lower, with the S&P500 in negative territory for the first session in six as China fragility bled into US markets.
  • Markets initially held up well, with the S&P500 sitting just under the alltime highs posted Monday. Sentiment worsened, however, as Chinese software firm Hello withdrew their plans for a US IPO.
  • While the deal itself is relatively small (Hello's offering was valued at around $100mln), markets are clearly concerned that the successful trend of Chinese firms raising foreign capital in the US (e.g. Tencent, Alibaba, JD.com) could be running into trouble. Reflecting the concern, the NASDAQ China Golden Dragon Index extended the sell-off to over 20% from last week's high.
  • Focus switches to key earnings reports after the bell, with Apple, Microsoft, Visa, Starbucks among others on the docket.
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