Traders Corner

on . Posted in News Flash

  • US stocks fell from record highs as investors weighed data showing stronger-than-forecast growth in service industries and a Fed official’s comment that the central bank is closer to slowing its monthly bond buying.
  • Asian stocks fell for a second day as stronger growth in U.S. service industries fuelled speculation the Fed will soon be able to reduce economic stimulus.
  • Japanese shares swung between gains and losses as developers and miscellaneous-product makers rose the most among the 33 Topix index subsectors while energy explorers led losses.
  • China’s stocks fell for the first time in six days after the nation’s economic planning agency signalled the government would maintain real-estate curbs and coal companies slumped on concern about the earnings outlook.
  • Hong Kong stocks fell, after HSBC missed earnings estimates and amid speculation the Federal Reserve is closer to reducing stimulus.
  • Gold down $11 and the rand unchanged from the local close.
  • Major economic data today:

-          10:30: Industrial production - UK

-          10:30: Manufacturing production - UK

-          12:00: Factory orders - Germany

-          14:30: Trade balance - US

The local market should open down -0.25% as the gold price slipped and US & Asian markets trade lower