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T3's Take 3: Equities Fall on Weak Chinese Trade Data


Today's financial recap and tomorrow's financial outlook.


Today on T3 Live

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Twitter to Cut Jobs

Twitter (TWTR) CEO Jack Dorsey announced today that the company will cut nearly 8% of its global workforce.

Most of the positions will come from the company's product and engineering departments.

Twitter believes this move will allow them to quicken product releases. The company has previously suffered from over-employment, causing overlapping tasks and goals, creating a culture of indecisiveness and slow movement.

Twitter also said it expects its third-quarter revenues and EBITDA to be at the high end of guidance, which eliminated fears of an earnings miss.

The stock traded as high as $30.82 in the premarket but sold off a bit, finishing at $29.05, up 1.1%.

US Markets

The S&P 500 opened modestly lower this morning before bouncing around throughout the day. 

However, a decline in oil prices and high-beta stocks soured the mood, and the S&P 500 closed down 0.7% at 2003.69. 

Healthcare and basic materials took the largest losses of the day. The iShares NASDAQ Biotechnology ETF (IBB) was down 3.2%. Basic materials fell on the drop in commodity prices, resulted from weak economic numbers out of China. 

The dollar was mixed against most major currency pairings. The euro and yen rose slightly against the dollar, while the British pound, Australian & Canadian dollar fell against it.

Bond yields dropped slightly and gold prices rose as investors' risk appetites abated a bit.

World Equity Markets

Asian markets fell mixed today on mixed Chinese economic data. China saw its exports fall 3.7% last month, which was slightly better than expected. However, imports plummeted 20.4%, their eleventh straight down month. This news weighed heavily on oil and copper prices.

The Shanghai Composite managed to inch up 0.2%.

The Hong Kong Hang Seng dropped 0.6% from losses in energy companies

Japan's Nikkei dipped 1.1%, while the Korean Kopsi dipped 0.1%.

European equities were negative today on the China news.

The German DAX closed down 0.9%, while the French CAC dropped 1%. Companies with significant Chinese exposure were notably weak.

Volkswagen (VW) announced it will cut investments by $1.1 billion per year while speeding up its efficiency program. VW shares lost 2.1%.

Glencore slipped 2.5% on demand worries. 

Wednesday's Financial Outlook

US economic data for tomorrow will include MBA mortgage applications, retail sales, PPI, business inventories, and the Fed's Beige Book.

Overseas economic data will feature Britain's employment report, Swiss' ZEW survey, euro-zone industrial production, and Australia's employment report. 

Bank of America (BAC), BlackRock (BLK), Delta Airlines (DAL), JB Hunt (JBHT), PNC (PNC), and Wells Fargo (WFC) will report earnings before the open tomorrow. Netflix (NLFX) will report after the close. 

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