Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Stocks on Wall Street posted their third straight triple-digit point decline after a series of poor corporate-earnings reports and weak manufacturing data.
In today’s results, AT&T, UPS, DuPont and Texas Instruments all had earnings that exceeded expectations but revenues fell short, indicating a sluggish economy.
The Richmond Federal Reserve Bank showed a sharp contraction in Central-Atlantic manufacturing
The Dow Jones Industrial Average stumbled 1o4.14 points, or 0.9%, to 12,617.32 at the close (8am NZ time).
The S&P 500 index fell 0.9% to 1338.31 and the Nasdaq Composite also dropped 0.9% to 2862.99.
Other markets: Europe down, Asia steady
European stocks ended a volatile trading session in the red after Moody's cut its outlook on Germany, while investors continued to sell Spanish stocks and bonds.
The yield on 10-year Spanish government bonds added a further 12 basis points to 7.57%, a new euro-era high, Its sharemarket benchmark, the IBEX 35, slumped 3.6% to 5956.30, the lowest level since the beginning of April.
The Stoxx Europe 600 index dropped 0.5% to close at 250.57, marking a third day of losses.
The German DAX 30 index lost 0.5% to 6390.41, the French CAC 40 index fell 0.9% to 3074.68 and London's FTSE 100 index lost 0.6% to 5499.23.
Asian stocks ended little changed as a pickup in Chinese manufacturing helped offset continued concerns over Europe.
The preliminary HSBC China Manufacturing Purchasing Managers' Index came out at 49.5 in July, compared with a final reading of 48.2 in June, but was significantly higher than in the previous month.
The Australian S&P ASX 200, which is sensitive to Chinese economic data, pared its early losses to finish up 0.1% at 4133.20.
Korea's Kospi finished 0.3% higher at 1793.93 and the Shanghai Composite was up 0.2% at 2146.59.
Japan's Nikkei Average dropped 0.2% at 8488.09 to finish at a six-week low, while Hong Kong’s Hang Seng dropped 0.8% to 18,903.20 in an abbreviated session after a typhoon forced cancellation of the morning trades.
Commodities: Oil up, gold steady
Light, sweet crude oil for September delivery settled 36USc higher, at $US88.50 a barrel in New York.
September North Sea Brent crude oil settled up 16USc at $US103.42 a barrel. The contract fell $US3.57 a barrel on Monday, its biggest decline since December 14.
Gold futures were flat at $US1577 an ounce.
Currencies: Euro at two-year low
The euro fell to a fresh two-year low against the US dollar after business activity data flagged the growing risk of recession in the eurozone.
The euro was at $US1.2061 down from $US1.2117 late on Monday.
The dollar was at ¥78.16 compared with ¥78.39, while the euro traded at ¥94.284, down from ¥94.98.
The pound bought $US1.5512, barely up from $US1.5507, while the dollar fetched 0.9955 Swiss franc, up from 0.9911 franc.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Mass collection of Pacific data affects Kiwi holidaymakers — InternetNZ boss
- NZ could reap $190M/year benefit becoming first nation to allow beyond-line-of-sight drones
- Briscoe posts 17% gain in annual profit, in line with forecast
- Reserve Bank consults on tougher rules for property investors
- John Key rejects Snowden docs as 'outdated'