trending Market Intelligence /marketintelligence/en/news-insights/trending/hdhoti2n5jwof2gv7nkuxw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Wall Street futures retreat as Italy, China concerns drag global assets

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Wall Street futures retreat as Italy, China concerns drag global assets

➤ Chinese yuan, stocks shed after weeklong holiday; reserve requirement cut for banks.

➤ Italian bonds sell off as European Commission warns on government's budget.

➤ Jair Bolsonaro, Fernando Haddad advance to presidential run-off in Brazil.

➤ Brent crude oil falls as U.S. reportedly considers waivers for sanctions on Iran.

SNL Image

Wall Street is set to open lower, tracking weakness in Asian and European stock markets, while the dollar gained against its peers amid concerns on China's economy and Italy's budget battle with the European Union.

Chinese markets closed in the red after returning from a weeklong holiday, with the Shanghai SE Composite index tumbling 3.72% and the Shenzhen SE Composite dropping 3.83%. Yesterday, the People's Bank of China cut the reserve requirement ratio for lenders by 1 percentage point, effective Oct. 15, in a bid to pump up to $174 billion into the country's slowing economy. The Chinese yuan dropped 0.78% against the dollar as of 7 a.m. ET.

"The fact the authorities are cutting the amount of capital banks need to hold in relation to their loan book suggests they are worried about the economy," said David Madden, market analyst at CMC Markets UK. "It gives off the impression the country is gearing up for a protracted trade spat."

Hong Kong's Hang Seng Index fell 1.39%, while markets in Japan were closed for a local holiday.

Declines in the Asian markets extended into Europe, where concerns about the Italian government's spending plans continued to weigh on investor sentiment. Italy's FTSE MIB index dipped 2.12%, with shares in major banks UniCredit SpA, Intesa Sanpaolo SpA and Banco BPM SpA all plummeting as a warning from the European Commission on Italy's budget targets sent yields on 10-year government bonds surging more than 17 basis points to 3.58%.

Germany's DAX dropped 0.84%, while France's CAC 40 slipped 0.89% and the U.K.'s FTSE 100 shed 0.63%. The latest developments in the Italian budget saga also took its toll on the euro, which fell 0.45% against the dollar, while sterling dropped 0.68% and the Japanese yen rose 0.32%.

In other currencies, the Brazilian real gained 0.19% against the dollar as right-wing congressman Jair Bolsonaro will face the leftist Workers' Party candidate Fernando Haddad in a run-off for Brazil's presidency after gaining the most votes in the first round of election yesterday. The South African rand, meanwhile, dipped 0.75% amid reports that Finance Minister Nhlanhla Nene had asked to resign.

Treasurys are on break from trading today after closing 4 basis points higher at 3.23% on Friday, as unemployment in the U.S. fell to a near 49-year low in September, though hourly wages grew slower than expected.

"The rally in bond yields, if sustained, could have major implications on financial markets going forward," according to Fawad Razaqzada, technical analyst at Forex.com. "After all, it was during all those years post the financial crisis when they were falling which led to investors flocking to the higher-yielding stock markets in the first place."

Brent crude oil fell 1.54% to $82.86 per barrel on the ICE Futures Exchange amid reports that the U.S. is considering waivers for its planned sanctions on Iran's oil exports, which are expected to take effect in November. Gold futures were down 0.66% to $1,197.60 per ounce.

More from S&P Global Market Intelligence:

Review of green bonds finds energy-efficiency carbon offsets tricky to calculate

Greece considering special vehicle to help banks shift billions in toxic debt

Daimler, Nissan face biggest challenges under new trade deal

CDS spreads for Argentina rise in Q3, fall for Brazil, Mexico

The day ahead:

12:30 p.m. ET — U.S. TD Ameritrade IMX