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U.S. stocks, oil fall on weak China data; SBB sinks - BNN Bloomberg

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Markets fell broadly after Swedish landlord SBB halted dividends and economic data from China was weaker than expected.

European stocks and U.S. futures traded lower on Tuesday, along with oil. SBB shares lost 5.5 per cent, adding to a 20 per cent plunge yesterday, with investors increasingly worried about the effects of a funding squeeze across the real estate industry.

“Whilst we expect a last-minute resolution to the U.S. debt-ceiling melodrama, anxiety is now starting to creep into markets,” said John Leiper, chief investment officer at Titan Asset Management. Among individual stocks, there were some standout winners. Palantir Technologies Inc. rallied as much as 21 per cent in U.S. pre-market trading after saying that demand for its new artificial intelligence tool is “without precedent.” Saudi oil producer Aramco gained as the company added a new dividend.

 

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