Shares in mainland China rose as investors digested Beijing’s Saturday briefing on stimulus measures, in which the finance minister said more was needed but didn’t offer specifics. Japan’s markets were closed for a public holiday.
- S&P 500 Futures: 5,866.25 ⬆️ up 0.11%
- S&P 500: 5,815.03 ⬆️ up 0.61%
- Nasdaq Composite: 18,342.94 ⬆️ up 0.33%
- DowJones Industrial Average: 42,863.86 ⬆️ up 0.97%
- STOXX Europe 600: 522.20 ⬆️ up 0.04%
- SSE Composite: 3,284.32 ⬆️ up 2.07%
- Bitcoin: $64,588.52 ⬆️ up 2.73%
China: Shares rise after stimulus briefing
Shanghai’s SSE Composite rose 2.07% after Finance Minister Lan Fo’an said in a Saturday briefing that there was “ample room” in the budget for more spending and that other policy tools were “being discussed.” But he offered no specifics on which stimulus measures or how large they would be. China also reported trade numbers, with exports in dollar terms growing 2.4% annually in September and imports expanding 0.3%—both below expectations. Hong Kong’s Hang Seng slid 0.75%.
Europe: Shares hover as traders weigh China stimulus and expected rate cut
European stocks floundered around breakeven early Monday as traders digested the China stimulus briefing and its lack of details. Luxury stocks with major exposure to China slipped, with LVMH, Hermès, and Kering all dropping more than 2% in the morning. The euro slipped marginally against the dollar, with the European Central Bank expected to cut interest rates at its Thursday meeting. The Stoxx Europe 600 was up 0.04% and the FTSE 100 was down 0.05% in morning trading.
U.S. premarket mixed after hitting record territory
After Wall Street rode into new record territory Friday on the back of strong earnings from financial giants JPMorgan Chase, Wells Fargo, and BlackRock, the main U.S. indexes were mixed in premarket trading Monday as investors digested the China briefing—and prepared for more big bank earnings. After being punished Friday for its underwhelming robo-taxi reveal, Tesla rebounded 1.7% before the opening bell, while Boeing took a 1.5% drop on the back of its Friday announcement of 10% layoffs.
And earnings season continues…
Goldman Sachs, Bank of America, and Citigroup all show their numbers Tuesday; Morgan Stanley reports Wednesday; Netflix has its turn Thursday; and Friday features P&G and American Express.