Fifty minutes into trade, the Dow Jones Industrial Average was up 21.95 points, or 0.13 percent, at 16,368.40. Other benchmarks like the Dow and S&P 500 were down about 6 percent for the week.
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On Monday, global equities seemed to ignore a fresh 5.3% slide in the Shanghai Composite Index and a new drop in oil prices (http://www.marketwatch.com/story/oil-prices-under-fresh-pressure-as-china-continues-to-spook-the-market-2016-01- 11), with European stock markets (http://www.marketwatch.com/story/european-stocks-set-to-break-losing-streak-as-china- slide-goes-ignored-2016-01-11) on track to snap a three-session losing run and USA stock futures edging higher. Most petroleum-linked stocks fell as Dow members ExxonMobil and Chevron respectively lost 2.0 percent and 1.1 percent and oil-services company Weatherford International shed 5.0 percent. The stock added $3.46 to $67.65.
Total turnover of A shares traded in Shanghai was 26.9 billion lots, while Shenzhen volume was 26.0 billion lots. Germany’s DAX was up 0.5 per cent, while the CAC-40 in France rose 0.4 per cent. The FTSE 100 index of leading British shares slipped 0.1 per cent. In Asia, Chinese stocks sank again after a rebound Friday that analysts suggested was due to buying from a group of state entities dubbed the “National Team”. Trading was suspended twice last week after a key index plunged 7 percent. China’s stock market has little connection to the rest of its economy, but its decline focused foreign attention on the slowdown in Chinese growth. Sydney’s S&P/ASX 200 lost 1.2 percent to 4,932.20 and Seoul’s Kospi fell 1.2 percent to 1,894.84. New Zealand, Singapore and Jakarta also declined.
Campbell Soup rose 0.6 percent after announcing it would label whether its products contain genetically modified organisms, a first among big U.S. food producers. The slump came as a weakening of China’s currency and steep drops in its stock market stoked worries over the outlook for the world’s second-largest economy.
Sturkenboom still prefers the eurozone and Japan over the USA, United Kingdom and emerging markets, in that order.
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ENERGY: Benchmark U.S. crude shed 71 cents, or 2.1 percent, to $32.45 a barrel in NY.
