Investors are taking a breath on Monday ahead of a holiday week. The indexes cannot find a single direction with many markets been closed or working half a day only.
Last week, the US blue-chip index Dow Jones Industrial Average recorded its worst weekly performance since October 2008, down by 6.8%. In turn, the S&P 500 dropped by 7% and is now 17.8% below its record earlier this year.
Asian markets recap
Asian markets failed to find a single direction on Monday after the turmoil in the US market last week.
South Korean index Kospi wiped out 0.31%, reaching a level of 2,055.01 points, despite the support of Samsung Electronics and chip maker SK Hynix, whose shares rose by 0.39% and 0.67% respectively.
In turn, the Australian S&P ASX 200 benchmark, which ended the stock session earlier for the upcoming Christmas holidays, added 0.48% to a level of 5,493.80 points, with almost all of its sectors remaining on the green territory. The financial sub-index rose by 0.43% thanks to the appreciation of the shares of the four major Australian banks – Commonwealth Bank of Australia, Westpac, Australia and New Zealand Banking Group and National Australia Bank.
The Japanese markets were closed on Monday for a national holiday.
China’s markets have also not found a single direction. The continental index Shanghai Composite managed to recover losses from the beginning of the session and ended with a growth of 0.43% to 2,527.01 points. The smaller index Shenzhen Composite added 0.86% to 1,295.72 points.
Hong Kong’s index Hang Seng, which ended the session earlier due to the upcoming Christmas holidays, posted 0.4%, reaching a level of 25,651.38 points. China’s technology giant Tencent fell by nearly 1.5%.
Developments came after the Chinese Commerce Department announced on Sunday that talks at Deputy-Ministerial level with the US administration had been held on issues such as the trade balance between the two countries and strengthening intellectual property protection measures.
European markets mid-session recap
French stocks fell on Monday, with lingering trade tensions, worries about the Fed’s independence and concerns over a partial U.S. government shutdown keeping investors nervous ahead of the Christmas break. The index CAC 40 decreases by 1.09%, or 51.9 points, to 4,643.09 points at 11:30 GMT. Banks Lloyds Bank, Barclays, HSBC Holdings and Royal Bank of Scotland fell 1-2%. Advertising firm WPP tumbled as much as 3.5%.
British stocks are trading with decreases, as FTSE 100 is down by 0.43% to 6,692.28 points at mid-session. The companies with greater international presence dragged down the index, with Imperial Brands dropping 2.6% and British American Tobacco 1.3% lower. Advertising giant WPP was one of the index’s sharpest fallers, sliding 2.7%.
German markets are closed today for Christmas holiday.
Wall Street pre-session recap
The US stock futures pointed to a slightly higher open on Monday as the market attempted to rebound from a brutal week that pushed the S&P 500 to the brink of a bear market.
The futures of the blue-chip index Dow Jones Industrial Average indicate opening with an increase of 52.63 points, while S&P 500 is growing by 8.38 points and technology Nasdaq Composite growing by 40.44 points.
The NYSE closes early on Monday at 1 p.m. ET. The exchange is closed on Tuesday for Christmas day. Wednesday through Friday are normal trading days.