Potash stock added 4 cents to $17.01 and Agruim dipped $1.25, or 1.3 percent, to $93.96.
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ANALYST TAKE: “Indices are down sharply as investors react to heightened fears about, firstly, a Fed rate hike next week and what it means for diverging global monetary policy, and, secondly, a new layer of political event risk as questions are asked about the health of Clinton and what that means for an already “interesting” US presidential race”, said Mike van Dulken, Head of Research at Accendo Markets. The Standard & Poor’s 500 index slid 2.5 percent to 2,127.81. Markets in Southeast Asia were mostly lower.
However, any sense of calm in markets looked fragile after three volatile trading days that saw bond yields soar and stocks rack up heavy losses, on concern that monetary policy was reaching its limits as a tool to lift the global economy. JPMorgan Chase fell 65 cents, or 1 percent, to $66 and Citigroup shed 64 cents, or 1.3 percent, to $46.54. Ultra-low interest rates have been a key driver of an extended stock market rally. Investors are not sure if the central bank will raise interest rates, and they’re not sure the economy is healthy enough to handle that. That division has more than 6,500 printing patents. The financial index was down 1.43 percent. Starboard Value said Perrigo needs to make changes to its business, including boosting profit margins for some of divisions, and notes that the company’s stock hasn’t done well since Perrigo rejected an offer from Mylan NV.
ENERGY: The early-week uncertainty weighed on oil prices too, with the benchmark NY rate down 80 cents at $45.07 a barrel. Brent crude, the benchmark for global oil trading, lost 56 cents to $47.76 a barrel in London. On Friday a federal judge ruled that the company can build a $3.8 billion pipeline that is meant to carry oil from North Dakota to IL. But the federal government stepped in to temporarily stop the project and several agencies said they will reconsider some of their decisions. The FTSE 100 index of leading British shares gave up 1.2 percent.
In Europe, Germany’s DAX was down 1.9 percent at 10,363 while the CAC-40 in France fell 1.9 percent to 4,407. Hong Kong’s Hang Seng inched up almost 0.2 percent to 23,254.03. Freeport was down 1.2 percent at $10.95.
RAPTOR ROARS: Rare disease drugmaker Raptor Pharmaceutical Corp. climbed $1.51, or 20.3 percent, to $8.96 after Horizon Pharma said it will buy the company $9 per share, or about $768 million.
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CURRENCIES: The dollar rose to 101.95 yen from 101.89 yen while the euro slipped to $1.1233 from $1.1238.
