The global equity markets are under pressure, extending yesterday’s tumble at the close. Meta Platform’s (FB) unexpected earnings miss helped to send indices south. S&P Futures are down about 52 points to trade around the 4525 area. Sellers remained in control from the get go and have maintained the firm grip. The range saw the high early in the session at 4548.25 while the S&P is just off the low of 4523.00.
In Asia, Japan mimicked the action seen in the US. Tech stocks paced the way for the Nikkei’s more than 1% decline. Semiconductors were a culprit with names such as Tokyo Electron, Screen Holdings and Advantest shedding 2-4%. Fast Retailing slid 4% after reporting weaker than expected sales for January. China and Hong Kong remained closed for the Lunar New Year holiday.
In Europe, the major bourses are down in sympathy, although the extent may have been limited with the ECB and BOE set to provide their respective updates later this morning. Corporate earnings ramped up with the likes of Roche (-3%), Infineon Technologies (-4%), ING (-4%) and Nokia (-4%) trading lower following their fiscal year results.
S&P Futures vs Fair Value: -56.0
10 yr Note: 1.775%
USD/JPY: 114.77 +0.30
EUR/USD: 1.1283 -0.0024
Europe: FTSE: -0.2% DAX: -0.6% CAC: -0.4%
Asia: Hang Seng: CLOSED Shanghai: CLOSED Nikkei: -1.1%
Gold (1803.70 -6.60) Silver (22.43 -0.28) Crude (87.31 -0.95)