Markets

Stocks and Commodities Slump After Chinese Data Disappoints

U.S. stock index futures slid in the pre-market session, and the commodities and commodity-related currencies are experiencing a great deal of pressure, stunned after China reported lower-than-expected Q1 GDP growth.

China's Q1 GDP rose 7.7%, below the 8% gain forecast by economists surveyed by both the Dow Jones Newswires and Reuters, and below the 7.9% growth China posted in Q4. Other date released by China showed March industrial production increased 8.9% from the year-earlier period, missing the Dow Jones Newswires forecast for a 10% gain. The growth was the weakest in more than a year.

With China the major driver of commodities prices, this data has hit the commodities sector hard. Gold futures fell as low as $1,384.60 in European trading hours, crossing below the $1,400 support point. Currently, futures are off about 6%, at$1,407.60 an ounce. In other precious metals, silver is down 8.32% and platinum 2.72%.

Among the more "economically sensitive" commodities, copper prices have shed 3.5%, wiping out last week's gains, while oil prices are also experiencing a sell-off and are down 1.79%.

The pressure has also spilled over into the growth-linked currencies, often dubbed the "commodity currencies" such as the euro and the Australian dollar. The yen, meanwhile, a safe have haven currency is posting gains compared to the Australian dollar and euro.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.28%

-S&P 500 futures down 0.28%

-Nasdaq 100 futures down 0.24%

-Nasdaq-100 Pre-Market Indicator down 0.29%

GLOBAL SENTIMENT

Nikkei down 1.55%

Hang Seng down 1.43%

Shanghai Composite down 1.13%

FTSE-100 down 0.85%

DAX-30 down 0.66%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(-) Chip stocks: lower

(-) Software stocks: lower

(-) Hardware stocks: lower

(-) Internet stocks: lower

(-) Drug stocks: lower

(-) Financial stocks: lower

(-) Retail stocks: lower

(-) Industrial stocks: lower

(+,-) Airlines: mixed

(-) Autos: lower

UPSIDE MOVERS

(+) S, (+15.4%) DISH Proposes $25.5 Bln Sprint Nextel Merger.

(+) ACOR, (+8.66% ) Reports Positive AMPYRA Phase 2 Trial Results.

(+) LIFE, (+8.09%) Acquires South Korean's KDR Biotech.

(+) CMG, (+18.2%) Upgraded to Outperform.

DOWNSIDE MOVERS

(-) MTL, (-9.30%) Q4 Net Loss Vs. Year Ago, Sales Shy of Estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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