Originally published by Rivkin
The Dow Jones and S&P 500 turned negative for the year overnight, falling by 2.2% and 1.8% respectively whilst the Nasdaq also slipped 1.7%. The underperformance resulted from poor earnings results from retailers Target (NYSE:TGT) and Kohl’s. Despite a relatively positive earnings season, sentiment amongst investors remains extremely cautious with trade war worries continuing to linger on top of concerns regarding a tightening interest rate policy. The situation is not all gloomy as housing starts data in the US indicated a rise of 1.5% in October .
ASX SPI futures were down 65 points at 8:15AM AEDT indicating a slow start to the trading day. Oil prices fell to their lowest prices in over a year with Brent Crude dropping 6.4% to $62.53 USD per barrel. The Australian dollar was weaker again, now trading at 72.14 US cents and the US 10-year bond yield decreased slightly to 3.04%.
Local data: Skilled internet job vacancies issued.
Global: US durable goods orders and existing home sales data released.