Published: Sun, March 10, 2019
Markets | By Otis Pena

Poor exports data leads Chinese shares to fall sharply

Poor exports data leads Chinese shares to fall sharply

The euro held near its lowest level since 2017 after the European Central Bank slashed its growth forecasts Thursday.

Investors will be scouring U.S. payrolls data for February due out later in the day, with analysts uncertain how much payback there might be for January's outsized jump.

The ECB followed-up its dismaying economic news by announcing a new round of stimulus. This week, China cut its goal for economic expansion, the Bank of Canada dialed back its expectations for policy tightening and the OECD lowered its global outlook. "But looking into the details, and understanding that weather could have been a factor and the shutdown could have played a factor, brought some noise into this report".

The S&P 500 closed near a four-week low.

Adding insult to injury, China's leading brokerage Citic Securities issued a rare "sell" rating on the Shanghai-listed shares of People's Insurance Group of China (PICC) sending them down nearly 10 percent. Separately, new data showing a 21% decline in Chinese exports in February - partially driven by the US-China trade war - didn't help matters. The haven-linked US Dollar understandably appreciated as well as the anti-risk Japanese Yen.

The House of Commons votes on U.K. Prime Minister Theresa May's revised Brexit deal on Tuesday, 20 days before Britain is scheduled to leave the EU.

NYMEX WTI Crude Oil futures were at $56.25 bbl, -41c, or 0.7%.

Stocks in emerging markets dropped the most in nearly three months.

Time isn’t on your side with coming shift to daylight saving
In a similar vein, exposing yourself to too much light at night can negatively impact your ability to get to sleep. It was also viewed as a way to get more people out doing things (namely spending money) during the week.

The dollar index was down 0.3 percent, having hit a near three-month peak in the previous session after the European Central Bank postponed an interest rate hike until 2020, making gold cheaper for holders of other currencies.

Sydney sank one percent and Singapore 0.9 percent, with Seoul 1.3 percent off and Taipei 0.7 percent down.

The dark mood spilled into European stock markets where the STOXX 600 index slipped 0.7 percent, poised for the first weekly drop in a month.

Chinese mainland markets were among Friday's worst performers, but the negative sentiment was also lingering over Japan and Hong Kong, with the Nikkei down 2.01 percent and the Hang Seng falling 1.91 percent. Platinum for April delivery was up 0.5 dollar, or 0.06 percent, to settle at 817.60 dollars per ounce.

The euro increased 0.4 percent to $1.1233, the first advance in more than a week.

European vehicle stocks were at the forefront, slipping 1.6%, with an unexpected decline in German industrial orders adding to the China woes.

USA 10-year Treasury yields touched a fresh two week low 2.627 percent. Output per hour fell by 0.4 percent on a year-on-year basis in the last quarter of 2018, the sharpest rate of contraction since 2009.

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