Saturday, 9 March 2019

Markets fall amid weak economic data

Markets fell on Friday.

The S&P 500 fell 0.2 percent and the STOXX Europe 600 fell 0.9 percent.

The biggest declines, however, were in Asia. The Nikkei 225 tumbled 2.0 percent and the Shanghai Composite plunged 4.4 percent after customs data on Friday showed that dollar-denominated exports for China fell 20.7 percent for the month of February from a year ago.

To add to global growth concerns, the US Labor Department reported that the economy gained just 20,000 new jobs in February while Germany reported that manufacturing orders fell 2.6 percent in January just a day after the European Central Bank cut its growth forecast and launched new measures to stimulate the eurozone economy.

“Job growth is slowing, no doubt about that,” said JJ Kinahan, chief market strategist at TD Ameritrade.

Kinahan also noted that markets experienced a greater decline following news of weak Chinese exports. “This reaffirms that the central story for markets is tariffs and slowing global growth.”

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