(October 18 – 09:00 ET) – Today will doubtless be a nervous one in the wake of last week’s pummeling on most markets. Stocks are down across Europe and overnight in Tokyo on worries about, though S&P futures are pointing slightly up on Wall St.
The big worry in the market remains interest rates, and traders will get a major clue on their direction tomorrow when the U.S. reports its consumer price index. Today, there are no major economic reports on either side of the border.
In overnight currency markets the betting seemed to be that U.S. stocks would sell again this week, and the US$ sold against both the yen and the euro.
Along with fear about the U.S., Europe has its own interest rate concerns and that is conspiring to send stocks lower this morning. The FTSE 100 is down about 50 points in London. The CAC 40 has dropped 20 points in Paris, and Germany’s DAX has dropped about 30 points.
Overnight in Japan markets slid heavily in reaction to Friday’s performance in New York. The Nikkei closed down almost 2%, 326 points. The Hong Kong market was closed.
In other business news, it is being reported that the European Commission is expanding its competition investigation into Onex Corp.’s plans to merge Air Canada and Canadian Airlines. Control of the routes between Canada and London’s Heathrow airport appears to be the concern.
IPSCO Inc. today announced its third-quarter earnings per share rose to 47¢ from 42¢ a year ago. Nine-month profit fell to $1.19 a share from $1.44.