Asian markets traded lower on Tuesday. The Nikkei eased .1% to 8776, the Kospi slipped .3% to 1907, and the ASX 200 dropped .6% to 4306 after Australia’s central bank held interest rates steady at 3.5%. The Hang Seng fell .7% to 19430, and the Shanghai Composite skidded .8% to 2044 as industrial shares sold off.
Selling pressure intensified in Europe, as weak US data raised growth fears. The CAC40 tumbled 1.6% to 3399, the FTSE sank 1.5% to 5672, and the DAX declined 1.2% to 6933. Vodafone shares shed 2.6% after Bernstein cut its rating on the company.
US stocks fell sharply in the morning, but an afternoon rally left the major indexes mixed. The Dow settled down 55 points to 13036, recovering from a 113 point loss earlier in the day. The Nasdaq ticked up .3% to 3075, while the S&P 500 eased .1% to 1405.
Netflix shares tumbled 6.4% after Amazon announced a deal with EPIX for streaming videos.
Treasuries and Commodities
10-year notes slipped 7/32 to yield 1.57%, and 30-year notes edged down 6/32 to yield 2.68%.
Crude oil fell 1% to 95.49, and gasoline dropped .7% to 2.9535. Natural gsa jumped 1.7% to 2.847.
Silver rallied .9% to 32.365, gold gained .6% to 1695.50, and copper rose .4% to 3.4705.
The Dollar traded modestly higher on Tuesday. The Euro, Swiss Franc, and Australian Dollar all declined .2%. The British Pound and Japanese Yen both slipped .1%, and the Canadian Dollar settled flat at .9861.
ISM manufacturing PMI fell to 49.6 from 49.8, and construction spending unexpectedly fell .9%. Monthly auto sales climbed to 14.5M from 14.1M, beating forecasts.
Wednesday’s reports will include non-farm worker productivity, and labor costs. The Bank of Canada will issue its rate decision, which is expected to remain at 1%.
Earnings are due from Dollar General, H&R Block, Men’s Wearhouse, and Verifone.