Arab Today, arab today us stocks sink amid signs of weaker growth in europe
Last Updated : GMT 21:30:07
Arab Today, arab today
Arab Today, arab today

US stocks sink amid signs of weaker growth in Europe

Arab Today, arab today

Arab Today, arab today US stocks sink amid signs of weaker growth in Europe

Wall Street stocks
New York - AFP

Wall Street stocks slumped Tuesday for the third straight session as data showed a weakening eurozone economy and US tax rules to fight inversions hit pharmaceutical stocks.
The Dow Jones Industrial Average finished off 116.81 points (0.68 percent) at 17,055.87.
The broad-based S&P 500 dropped 11.52 (0.58 percent) to 1,982.77, while the tech-rich Nasdaq Composite lost 19.00 (0.42 percent) at 4,508.69.
Wal Street followed suit with European markets, nearly all in the red after a key survey showed business activity in the 18-nation eurozone slowed further in September, adding to concerns that a sluggish economic recovery could be close to stalling.
The Markit composite purchasing managers index fell for a second consecutive month, hitting a nine-month low of 52.3 points in September from 52.5 points in August.
"The latest PMI data are testimony to the lackluster nature of the eurozone's economic recovery," said ING analyst Martin van Vliet.
That offset a modestly positive manufacturing HSBC PMI for China that nevertheless came with warnings of risks to growth ahead.
Qu Hongbin, HSBC's chief economist for China, said that while the result indicated manufacturing sector activity was stabilizing this month, expansion was still modest.
"The property downturn remains the biggest downside risk to growth," he said in a statement.
New US Treasury tax rules designed to curb inversion deals, in which US companies merge with foreign businesses to relocate in a lower tax address, had a marked impact on pharmaceuticals, the main industry involved in inversions.
AbbVie, pressing a $52 billion inversion merger with Ireland's Shire Pharmaceuticals, fell 2.0 percent. The US-traded shares of AstraZeneca, which had been an inversion target of Pfizer earlier this year, lost 4.7 percent, while Pfizer dropped 0.4 percent.
Medical equipment firm Medtronic, planning a $43 billion inversion merger with Covidien that would transfer its tax domicile to Ireland, lost 2.9 percent, and Covidien fell 2.5 percent.
Apple jumped 1.6 percent after saying it sold 10 million of the new iPhone 6 over the weekend, and rejecting reports it would close the Beats streaming music service it paid $3 billion for earlier this year.
Alibaba continued to slip from its post-IPO high above $99, losing 3.0 percent from Monday to $97.17, still far above Friday's debut at the IPO price of $68.
Salix Pharmaceuticals jumped 5.8 percent driven by reports that Allergan was in talks on a $10 billion deal to buy it, which would likely serve to block the William Ackman-backed Valeant bid for Allergan.
Allergan added 1.8 percent, while Valeant gave up 0.3 percent.
Bond prices rose. The yield on the 10-year US Treasury dipped to 2.54 percent from 2.57 percent Monday, while the 30-year fell to 3.25 percent from 3.29 percent. Bond prices and yields move inversely.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks sink amid signs of weaker growth in europe Arab Today, arab today us stocks sink amid signs of weaker growth in europe

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks sink amid signs of weaker growth in europe Arab Today, arab today us stocks sink amid signs of weaker growth in europe

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Lufthansa chief eyes up to 78

GMT 11:29 2017 Thursday ,21 September

Lufthansa chief eyes up to 78
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Rouhani at UN defends Iran nuclear deal

GMT 09:41 2017 Thursday ,21 September

Rouhani at UN defends Iran nuclear deal
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday