NEW YORK (AP) — The Latest on financial markets (all times local):
9:35 a.m. Eastern
U.S. stocks are lower in early trading as investors look over some disappointing corporate results.
Xerox slumped 9 percent in the first few minutes of trading after reporting an 85 percent slump in earnings and cutting its profit forecast.
Irish drug maker Perrigo dropped 10 percent after cutting its own earnings outlook, citing lower prices for its products in Europe.
The Dow Jones industrial average fell 48 points, or 0.3 percent, to 17,957.
The Standard & Poor’s 500 index fell four points, or 0.2 percent, to 2,087. The Nasdaq composite slipped two points, or 0.1 percent, to 4,903.
European markets also fell.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.90 percent.
The British pound is buoyant in currency markets as traders think it’s now less likely that the country will opt to leave the European Union in a referendum this summer following some tough talk from President Barack Obama.
While visiting Britain over the weekend, Obama said any decision to leave could be costly and that it could ten years for the country to negotiate a trade deal with the United States.
Worries over so-called Brexit have weighed on the pound in recent months. Now there’s a growing expectation, partly on the back of Obama’s comments that the British will opt to remain in the EU in the June 23 vote.
Fawad Razaqzada, technical analyst at Forex.com, thinks Obama’s intervention in the debate has had “a big impact.”
The pound was trading 0.6 percent higher at $1.4495.
European stock markets are drifting lower at the start of a week that’s likely to be dominated by the central banks of the U.S. and Japan.
Germany’s DAX was 0.7 percent lower at 10,299 while the CAC-40 in France fell 0.5 percent to 4,549. The FTSE 100 index of leading British shares was 0.2 percent lower at 6,295.
Craig Erlam, senior market analyst at OANDA, reckons it could be “another rocky week” in the markets as traders await and then digest the latest monetary policy decisions from the Federal Reserve and the Bank of Japan.
There’s also a raft of economic data towards the back end of the week that could also impact trading, notably eurozone growth and inflation figures. And the U.S. corporate earnings results season will also be monitored.
Asian stocks are lower across the board Monday ahead of policy decisions by the U.S. Federal Reserve and the Bank of Japan as well as major earnings reports and economic data from Japan and China expected later in the week.
Japan’s benchmark Nikkei 225 dipped 0.8 percent to 17,439.30. South Korea’s Kospi inched down 0.1 percent to 2,014.55. Hong Kong’s Hang Seng fell 0.5 percent to 21,372.85, while the Shanghai Composite dropped 0.3 percent to 2,949.31. Trading was closed in Australia for ANZAC Day, a public holiday.
Central bank policy meetings in Japan and the U.S. are the focus of investors’ attention. It is unclear whether additional monetary easing is in store, but the meetings may provide indicators for what can be expected on interest rates in the future.
Benchmark U.S. crude fell 44 cents to $43.29 a barrel in New York. It lost 55 cents to $43.18 a barrel on Friday. Brent crude, used to price international oils, lost 22 cents to $44.89.
In currency markets, the dollar gained to 111.18 yen from 109.48 yen late Friday in Asia. The euro fell to $1.1243 from $1.1303.
RECOMMENDED FOR YOU