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Market Update

World Stocks Turn Lower on Weak Manufacturing and Russia Tensions


Author: Nichole Harper
ticker.com
Last Update: 1:11 PM ET March 24 2014

1:05 PM New York – Stocks on Wall Street turned lower after manufacturing slowdown in the U.S. and China. Political leaders of NATO nations gathered in Europe to discuss latest situation in Ukraine and tensions with Russia.

Stocks on Wall Street eased after tensions between NATO and Russia rose and NATO leaders gather in Europe.

Market sentiment was weak after a private survey showed weaknesses in manufacturing in the U.S. and China.

Preliminary survey of manufacturing industry in the U.S. showed the index declined to 55.5 in March from 57.1 in February, the Markit Economics reported today. Any reading above 50 indicates expansion and the measure was the second-highest since January 2013.

The HSBC China Purchasing Managers Index for March showed fell to an eight month low of 48.1 from 48.5 in February. The preliminary data will be revised in two weeks and any reading below 50 indicates a contraction.

S&P 500 index declined 0.6% or 12.01 to 1,854.56 and the Nasdaq Composite Index dropped 1.6% or 69.52 to 4,207.18.

Political leaders aligned with the NATO, European Union, China and Japan and others are scheduled to meet in The Hague, the Netherlands to discuss the latest incursion of Russia in Crimea.

Russia is building troops in Crimea region and European Union leaders and U.S. are opposing the Russian annexation of Crimea.

The U.S. supported by the leaders of U.K. and Europe also invaded Iraq “to spread democracy” ignoring the criticism of several world leaders that cost the nation at least one million lives and forced the U.S to waste $2 trillion.

European Markets

In London trading, FTSE 100 index slid 0.1% or 8.22 to 6,548.95 and in Frankfurt the DAX index dropped 0.5% or 44.64 to 9,298.30.

In Paris, CAC 40 index fell 0.5% or 19.40 to 4,315.88.

U.S. Stocks in Review

Herbalife Ltd. (HLF) soared 6.5% to $52.83 after the multi-level marketing company said it will nominate three board members supported by activist investor Carl Icahn. If members are voted in on April 29 annual meeting, Icahn will have five of 13 board members.

United Continental Holdings Inc (UAL) declined 1% to $43.85 after Raymond James Financial Inc lifted its view on the stock to “outperform.”

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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