US stocks have fallen with petroleum-linked equities retreating on a big drop in oil prices as Wall Street girds for a busy week of economic reports.
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The Dow Jones Industrial Average lost 91.66 points or 0.52 percent to settle at 17,598.20.
American global Group (NYSE: AIG – news) shed 2.8 percent as net income for the second quarter rose 5.4 percent to $1.9 billion.
Despite the fact that the stock fell for the tenth time in eleven days, losing 3.2 percent to its lowest point in six months, trading volume was at its highest level since January.
Two surveys published Monday showed the damage caused to the Greek economy in July by the bank closures, money controls and uncertainty over the country’s future. “We saw a surprise downward adjustment to China’s gauge for smaller manufacturers’ activity, signaling further weakness in the Chinese economy”, said Bernard Aw, market strategist for IG in Singapore.
Japan’s benchmark Nikkei 225 index slipped 0.18 per cent, or 37.13 points, to finish at 20,548.11, while Seoul fell 21.67 points or 1.07 per cent to close at 2,008.49.
Michael Kors was one other huge loser, dropping $three.28, or 7.eight %, to $38.71 amid concern that demand for the posh style retailer’s purses is dropping off. Analysts at funding financial institution Canaccord reduce their worth goal on the inventory forward of the corporate’s newest earnings report due out Thursday.
The benchmark Shanghai Composite Index jumped 3.7 percent as China announced new rules restricting short selling, lifting a volatile market that has been a source of unease for investors globally. Though the tick down was slight, it surprised economists who expected the number to remain unchanged.
CURRENCIES: The dollar rose to 124.10 yen from 123.97 yen in the previous trading session. 1 %, to shut at $45.17 a barrel in New York.
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Bond prices fell. The yield on the 10-year US Treasury rose to 2.23 percent from 2.15 percent Monday, while the 30-year advanced to 2.90 percent from 2.86 percent.
