World Markets Mostly Lower Wednesday 09/30 06:09
Share prices in Europe and Asia were mostly lower on Wednesday after the
debate between President Donald Trump and his Democratic challenger Joe Biden.
(AP) -- Share prices in Europe and Asia were mostly lower on Wednesday after
the debate between President Donald Trump and his Democratic challenger Joe
There was scant sign the clash did much to sway investors. Shares fell in
Paris, Frankfurt and Tokyo on Wednesday, while upbeat manufacturing data lifted
shares in Hong Kong and Shanghai.
Investors remain cautious with COVID-19 infections on the rise again in the
U.S. and elsewhere. The Trump-Biden debate occurred as coronavirus deaths
worldwide have surpassed 1 million. Many millions of people worldwide are
Germany's DAX fell 0.6% to 12,755.33 and the CAC 40 in Paris lost 0.4% to
4,813.99. The FTSE 100 in Britain edged 0.1% lower to 5,889.73. U.S. futures
skidded, with the contract for the S&P 500 down 0.8% and that for the Dow
industrials falling 0.9%.
A survey of Chinese manufacturers, t he Caixin manufacturing purchasing
manager's index, showed economic activity accelerating further in September as
businesses recovered from the downturn earlier this year due to the pandemic.
The Caixin manufacturing PMI slipped to 53.0 from 53.1 in August, on a
100-point scale. China's official manufacturing PMI rose to 51.5 from 51.0, its
highest level in two years.
"The economic recovery has picked up pace with supply and both domestic as
well as overseas demand improving," Stephen Innes of AxiCorp said in a
The Hang Seng in Hong Kong jumped 0.8% to 23,459.05, but fell back from a
2.1% gain earlier in the day. The Shanghai Composite index gave up its early
advance, falling 0.2% to 3,218.05.
Japan's Nikkei 225 index lost 1.5% to 23,185.12, while the S&P/ASX 200
tumbled 2.3% to 5,815.90. Markets were closed in South Korea.
The debate's likely impact on markets, if any, was unclear. The atmosphere
was antagonistic, as to be expected, but for voters still undecided about who'd
better handle the multiple crises that have beset the nation, the faceoff may
not have offered anything new.
"Markets have remained calm as no policy surprises have emerged from the
debate so far," Jeffrey Halley of Oanda wrote in a report.
"My initial thoughts are the debate will not move the needle on the Democrat
lead in the national polls," he said. "The real race this election, is for the
U.S. Senate, and not the presidency, and whether the Republicans can block a
Biden economic agenda, or whether the Democrats have a clear road ahead via
control of both houses and the presidency."
The price of oil fell 3.2% on Tuesday, dragging much of the energy sector
down with it. On Wednesday, U.S. crude fell 19 cents to $39.10 per barrel in
electronic trading on the New York Mercantile Exchange. Brent crude, the
international standard, gave up 29 cents to $41.27 per barrel.
Congress still is arguing over the size of a new economic support package
after additional unemployment benefits expired. House Speaker Nancy Pelosi and
Treasury Secretary Steven Mnuchin have agreed to hold another round of stimulus
talks. However with the death of Supreme Court Justice Ruth Bader Ginsburg,
Congress has redirected much of its attention to President Trump's nominee to
The last major jobs report before the election will come out on Friday. It
is a key indicator or how businesses are faring but also politically important
for both GOP and Democratic messaging heading into the election. Economists
expect 850,000 jobs were created in September, with an unemployment rate of
In currency dealings, the U.S. dollar strengthened to 105.67 Japanese yen
from 105.64 yen late Tuesday. The euro fell to $1.1704 from $1.1744.