While you were sleeping: UPDATED Stocks slide as China concerns resurface

Equities on both sides of the Atlantic moved lower as weaker-than-expected data from China revived concern about the juggernaut economy at a time when the US Federal Reserve is widely expected to raise interest rates soon.

Data showed China's exports sank 10% in September from the year-earlier month, while imports unexpectedly fell, down 1.9%.

Also weighing on sentiment is concern about the impact of the UK's decision to leave the European Union, with a fresh slide in the British pound.

"China was a big issue at the beginning of the year and now it spooks investors with some issues resurfacing," Philippe Gijsels, chief strategy officer at BNP Paribas Fortis in Brussels, told Bloomberg.

"The problems just add to the uncertainty about the world economy, Federal Reserve hiking rates, earnings season coming up, elections and referendums coming up.

"Brexit is starting to hurt markets too because of the tough discussions ahead," Mr Gijsels said. "It all adds up to typically more volatile period of the year."

At the close on Wall Street, the Dow Jones Industrial Average was down 45.26,or 0.25%, to 18,098.94. The Nasdaq Composite Index retreated 0.5% to 5213.33 and the Standard & Poor's 500 Index slid 0.3% to 2132.55.

When Fed chairwoman Janet Yellen speaks in Boston later today, investors will watch closely for any hints about the timing of the next rate increase. The Fed's policy makers next meet on November 1-2.

Jobless claims at 43-year low
A Labor Department report showed initial claims for state unemployment benefits were unchanged at a seasonally adjusted 246,000 for the week ended October 8, the lowest since November 1973.

"The data are making the Fed's current policy look too wrongfooted and the markets are waiting for them to get back on track, most likely in December," Chris Rupkey, chief economist at MUFG Union Bank in New York, told Reuters.

In the Dow, declines in shares of Goldman Sachs and those of DuPont, down 1.4% and 1.2% respectively, outweighed gains in shares of Wal-Mart and those of Merck, recently 1.5% and 1.3% stronger respectively.

JPMorgan, Wells Fargo and Citigroup are poised to report results on Friday.

Mining shares tumble in London
In Europe, the Stoxx 600 Index ended the session with a slide of 0.9%. The UK's FTSE 100 Index gave up 0.7%, Germany's DAX Index declined 1%, while France's CAC 40 Index dropped 1.1%.

Mining shares tumbled in London, along with base metals, on concern about demand from top consumer China.

Shares of Unilever closed 3.4% lower in London after the company reported a 0.4% drop in the volume of goods sold in the third quarter.

It posted a 3.6% increase in pricing for the quarter to counter the effects of the sliding UK pound on the cost of food commodities.

Separately, Unilever said it resolved a dispute with Tesco over price increases, the Guardian reported.

Tesco's stock of Unilever products such as Marmite and Ben & Jerry's ice cream had depleted after the British grocer baulked at prices increases, according to media reports.

(BusinessDesk)

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