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Market Update

ECB Stimulus Action Fails to Sway Markets Across Atlantic

Author: Nichole Harper
Last Update: 2:18 PM ET October 02 2014

2:15 PM New York The European Central Bank announced steps to purchase covered bonds and asset-backed securities in the final quarter of the year. Market indexes across Europe and U.S. declined after the latest stimulus measures from the ECB were deemed less than adequate.

Market indexes declined on Wall Street and the S&P 500 index is set to extend losses for the fourth day in a row for the first time this year.

Investors sold stocks after latest stimulus from the European Central Bank was deemed ineffective in reviving economic growth in the euro zone and geo-political tensions remained high in Hong Kong and Ukraine.

Tollbooth Index dropped 0.6% or 56.09 to 9,114.

S&P 500 index declined 2.27 to 1,943.89 and the Nasdaq Composite Index fell 0.51 to 4,421.58.

The small cap tracking index, Russell 200, plunged 10% from its record high in March and the S&P 500 index tracking large companies declined 3.5% in the period.

U.S. Movers

American Realty Capital Properties Inc (ARCP) slid 3 cents to $12.03 after the real estate investment trust agreed to sell its Cole Capital private capital management business to RCS Capital for $700 million.

The transaction is expected to complete in the fourth-quarter of 2014.

European Markets

In London trading, FTSE 100 index slipped 0.7% or 47.52 to 6,510 and in Frankfurt the DAX index dropped 1% or 90.45 to 9,291.58.

In Paris, CAC 40 index declined 1.6% or 70.28 to 4,294.99.

Balfour Beatty Plc declined 3.1% to 179.40 pence after the U.K.-based construction company said it would divest 50% stake in public-private partnership in hospitals projects for 61.5 million or $100 million.

Ophir Energy Plc jumped 2.4% to 226.30 pence after the U.K.-based oil and gas explorer said BG Group Plc has withdrawn from the Block 3 gas license in Tanzania and plans to increase its stake to 80% form 20% in the Block 4 after the discovery of 1.03 trillion cubic feet of natural gas.

Ted Baker Plc rose 0.4% to 1,869.18 pence after the U.K.-based apparel retailer said group revenue in the first-half ending in August climbed 17.4% to 182.2 million from 155.2 million a year ago period.

Profit in the period soared 32.4% from a year ago to 11.4 million compared to 8.61 and diluted earnings per share jumped to 25.8 pence from 19.6 pence.

Asian Markets

Stocks traded lower and market indexes plunged in volatile trading after the yen strengthened and investors stayed cautious on high market valuation.

Exporters and automaker led the decliners after Honda Motor Co, Nissan Motor Co and Mitsubishi Corp issued recalls.

The Nikkei 225 Stock Average declined 420.26 or 2.6% to 15,661.99 and the broader Topix index dropped 38.06 to 1,280.15.

The yen traded at 108.63 against one U.S. dollar.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc