Oil slides, stocks drop; Paris attacks add to jitters
14 November 2015, Nirapad News: Global stock indexes fell amid disappointing company results and forecasts, while oil prices registered their biggest weekly loss in eight months on swelling storage of crude.
US stock index futures hit session lows after the close on Friday after France was rocked by multiple, near simultaneous attacks around Paris. French media said at least 150 people were killed and hostages were being held in a concert hall in the capital on Friday evening. S&P 500 e-mini futures were down 22 points in light volume. Weaker-than-expected US October retail sales weighed on US stocks for much of the day, with Wall Street capping its worst week since August, and dragged US Treasuries yields to their lowest levels in a week. The MSCI all-country world index lost 1.1 per cent on Friday and fell 3 per cent for the week, its biggest weekly decline since early September. The FTSEurofirst 300 ended down 0.83 per cent, hit by weak earnings, and posted a loss of 2.7 per cent for the week. Friday’s Paris attacks could add to market jitters, analysts said. “The geopolitical aspect is always out there, and anything that brings that back into the headlines will pull the buy orders fairly quickly,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, a Toledo, Ohio-based investment advisor. Along with the retail data, a disappointing forecast from Cisco Systems, which cited slower order growth and weak spending outside the United States, hurt sentiment on Wall Street. The Dow Jones industrial average fell 202.83 points, or 1.16 per cent, to 17,245.24, the S&P 500 lost 22.93 points, or 1.12 per cent, to 2,023.04 and the Nasdaq Composite dropped 77.20 points, or 1.54 per cent, to 4,927.88