Markets

  • Today's Top Stories
  • Commentary and Analysis
  • Press Release
  • Market Update
11:02am ET, 1/27/2021 - European ADRs Move Sharply Lower in Wednesday Trading
American depositary receipts of European stocks were trading 1.53% lower at 1,037.80 on the S&P/BNY Mellon Europe Select ADR Index on Wednesday.

In continental Europe, the gainers were led by telecommunications company Nokia Corporation (NOK) and 3D printer company voxeljet (VJET), which rose 8.5% and 2.6% respectively. They were followed by hotel booking site trivago (TRVG) and computer peripherals maker Logitech International (LOGI), which were up 1.7% and 1.5%.

The decliners in continental Europe were led by financial services firm ING (ING) and bank Banco Santander (SAN), which lost 4.8% and 4.5% respectively. They were followed by biopharmaceutical company DBV Technologies (DBVT) and bank Banco Bilbao Vizcaya Argentaria (BBVA), which dropped 4.4% and 4%.

In the UK and Ireland, the gainers were led by educational publisher Pearson plc (PSO) and biopharmaceutical company Amarin Corporation plc (AMRN), which climbed 11% and 5.4% respectively. They were followed by pharmaceutical company Avadel Pharmaceuticals (AVDL) and biopharmaceutical company GW Pharmaceuticals (GWPH), which rose 4.2% and 3.3%.

The decliners in the UK and Ireland were led by biopharmaceutical company Akari Therapeutics (AKTX) and medical device maker EDAP TMS (EDAP), which fell 8.6% and 5% respectively. They were followed by biopharmaceutical companies Adaptimmune Therapeutics (ADAP) and Mereo BioPharma Group plc (MREO), which lost 4.7% each.

10:55am ET, 1/27/2021 - Asian ADRs Move Sharply Lower in Wednesday Trading
American depositary receipts of Asian stocks were trading 1.34% lower at 2,205.72 on the S&P/BNY Mellon Asia 50 ADR Index on Wednesday.

In North Asia, the gainers were led by automotive transaction service Cango Inc. (CANG) and automobile consumer website Autohome Inc. (ATHM), which climbed 28% and 15% respectively. They were followed by educational services provider GSX Techedu Inc. (GSX) and mobile content aggregator Qutoutiao Inc. (QTT), which rose 21% and 8.6%.

The decliners in North Asia were led by video game developer The9 Limited (NCTY) and real estate services firm Leju Holdings Limited (LEJU), which fell 12% and 7.8% respectively. They were followed by brand e-commerce solutions company Baozun Inc. (BZUN) and thin-film liquid display maker LG Display Co., Ltd. (LPL), which lost 8.4% each.

In South Asia, the gainers were led by IT services firm Wipro Limited (WIT), which rose 1.9%, followed by telecommunications operators Telekomunikasi Indonesia Tbk (TLK) and PLDT Inc. (PHI), which were up 1.2% and 0.1% respectively.

The decliners in South Asia were led by IT company Sify Technologies Limited (SIFY) and HDFC Bank Limited (HDB), which fell 4.9% and 4.5% respectively. They were followed by ICICI Bank Limited (IBN) and pharmaceutical company Dr. Reddy's Laboratories Limited (RDY), which dropped 3.5% and 3.7%.

9:16am ET, 1/27/2021 - Wall Street Futures in Red Territory Ahead of Fed Rate Decision
US stocks were set for a downbeat session Wednesday as traders evaluate a raft of corporate earnings and look ahead to the Federal Reserve's latest interest rate decision.

Dow Jones Industrial Average futures fell 319 points or 1%, S&P futures declined 41.5 points or 1.1%, while Nasdaq futures decreased 101.5 points or 0.8%.

The Federal Reserve is scheduled to release its policy statement at 2 pm ET, which will be followed by a speech from Federal Reserve Chairman Jerome Powell at 2:30 pm ET.

Oil prices were little changed, with both global benchmarks Brent crude and US West Texas Intermediate crude hovering near the flat line, after industry data showed a weekly draw in US crude inventories.

At 8:30 am, data showed a 0.2% uptick in new orders for durable goods in December versus Bloomberg data compiled estimates for a 1% gain, and the 1.2% revised increase in November.

In other world markets, Japan's Nikkei closed 0.3% higher, Hong Kong's Hang Seng closed 0.3% lower, and China's Shanghai Composite closed 0.1% higher. Meanwhile, UK's FTSE 100 fell 1.8%, and Germany's DAX index declined 2.1% in Europe's early afternoon session.

On the winning side, Aeterna Zentaris (AEZS) shares surged 20.1% after the company secured a 180-day extension to regain compliance with Nasdaq's minimum bid price rule. Timber Pharmaceuticals (TMBR) shares gained 6.8% after the company appointed Alan Mendelsohn as chief medical officer.

On the losing side, shares of The Boeing Company (BA) were 3% lower pre-bell after the company reported a wider net loss on lower revenues for Q4. T2 Biosystems (TTOO) shares fell 21.3% even after the company issued an upbeat revenue guidance for Q4. Plug Power (PLUG) shares declined 12.5% after the company priced a public offering of common stock at $65 per share.

8:18am ET, 1/27/2021 - US Futures Lower Ahead of Fed Rate Decision
US stock futures fell Wednesday as traders evaluated a raft of corporate earnings and looked ahead to the Federal Reserve's latest interest rate decision.

Dow Jones Industrial Average futures fell 1.2%, S&P futures declined 1.3%, while Nasdaq futures decreased 0.9%.

The Federal Reserve is scheduled to release its policy statement at 2 pm ET, which will be followed by a speech from Federal Reserve Chair Jerome Powell at 2:30 pm.

Oil prices declined, with global benchmark Brent Crude down 0.1% and US West Texas Intermediate off 0.2%, after industry data showed a weekly draw in US crude inventories.

At 8:30 am, data are expected to show a 1% rise in new orders for durable goods in December versus 1% previous, according to Bloomberg data.

In equities, shares of The Boeing Company (BA) were 3.6% lower pre-bell after the company reported a wider net loss on lower revenue for Q4.

7:23am ET, 1/27/2021 - European Bourses Slipping Midday as Continuing Pandemic Colors Sentiment
European bourses were tracking lower midday Wednesday, with broad-market indices pulled down by slipping finance, oil and technology issues as traders weigh prospects for economic growth in the wake of the effects of COVID-19. The UK posted its 100,000th COVID-19 related death Tuesday, and may stiffen quarantine requirements for international travelers. Weak cues from choppy Asian exchanges and Wall Street futures markets were setting the tone.

Property issues were bucking trends, with the European REIT Index, the REITE, up nearly 3.0%, after the Tokyo Stock Exchange REIT Index rose 1.7% in overnight action.

Despite real-estate strength, the broad-gauge Stoxx Europe 600 Index was off 0.7% mid-session.

In the sector metrics, the Stoxx Europe 600 Technology Index fell 2.0%, while the Stoxx 600 Bank Index was off 1.0%. The Stoxx Europe Oil & Gas Index was off 1.8%.

Among national indices, the FTSE 100 in London was off 1.0%, the CAC 40 in Paris was off 1.0%, and Germany's DAX was off 1.5%. Spain's IBEX 35 was off 0.9%.

Front-month Brent crude oil futures fell 0.2% to $55.98 a barrel.

The Euro Stoxx 50 volatility index fell 11.2% to 23.10, indicating slightly above-average volatility for European stock markets in the next 30 days. The index had dipped below 20 on last Thursday, a positive signal, but has been tracking higher. A reading above the 20-mark on the index indicates above-average volatility ahead, while below 20 suggests expectations for calmer markets.