EU stocks follow Japan lower
- European shares are sharply lower following losses in the Asian markets that were open (many were closed), with the Stoxx Europe 600 index (-0.8%) heading for its worst January in four years.
- The DAX is -1.2% after a surprising plunge in German retail sales.
- Euro Stoxx 50 -1%, London -0.7%, Paris -1%, Frankfurt -1.4%, Milan -1.1%, Madrid.
- U.S. stock futures are down after strong gains yesterday and disappointing results from Amazon: Dow -0.6%. S&P -0.6%. Nasdaq -0.2%
- Stocks headed lower as mixed economic data, Europe selloff hurt sentiment
- Stock futures point to sharp losses at the open, with blue chips heading to close out their worst monthly point decline in at least a year and a half; Dow -1%, S&P -0.9%, Nasdaq -0.4%.
- The early losses stem from sharp declines in Europe after data showing a return of record-low inflation in the euro zone stoked deflation fears; early gains in emerging market currencies faded, with the Turkish lira, South African rand, Hungarian forint and Russian ruble weakening.
- A string of disappointing earnings from the likes of Mattel (-9%) and Amazon (-6.5%), plus a profit warning from Wal-Mart (-1%), aren't helping; Google also reported an earnings miss but shares +4% as investors focus on an increase in click revenue.
- In U.S. economic data, Dec. consumer spending rose a better than expected 0.4% but personal income was unchanged.
- Treasurys are near their highs, with the 10-year yield down nearly 5 bps at 2.65%.
- Still ahead: Chicago PMI, consumer sentiment.
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