Asian Stocks Drop, China to Reopen After Holidays: Markets Wrap

-- Asian stocks declined following losses in the US, with investors focused on the reopening of Chinese markets following a weeklong holiday.For a Master of Brutalist Provocations, a Modest Museum Appraisal

“There is definitely a lot of support for the market coming through,” Kerry Craig, JPMorgan Asset Management global market strategist, said on Bloomberg TV. “There is just a case of whether the market may be a little bit disappointed if they don’t get what they expect on that fiscal package.” The CSI 300 Index in China jumped 8.5% on Sept. 30, the last day of trading before the Golden Week holidays. Meanwhile, Chinese shares in Hong Kong continued the rally. Given the magnitude of gains in related shares over the holiday, the 10% trading limits on some stocks may factor in, potentially delaying the full sense of market reaction.

The crisis in the Middle East continues to unnerve investors, with fighting escalating Monday on multiple fronts after a year of war. The Israel Defense Forces said it intercepted most of a barrage of rockets fired toward Tel Aviv by Hamas and other Iran-backed groups. Brent crude soared to its highest price since August as speculation increased that Israel may attack Iran’s oil infrastructure. West Texas Intermediate crude rose early Tuesday.

With the exception of energy shares, every major sector in the S&P 500 dropped Monday. A gauge of the “Magnificent Seven” megacaps slipped 1.9%. Amazon.com Inc. sank 3.1% after Wells Fargo Securities downgraded the shares. Apple Inc. slid 2.3% as a Jefferies analyst said investors have overly optimistic expectations for the latest iPhones. Nvidia Corp. gained. In Asia, Samsung Electronics Co. reported preliminary operating profit that missed estimates.

Morgan Stanley’s Michael Wilson raised his view on so-called cyclical stocks relative to safer defensive peers, noting Friday’s blowout payrolls data and expectations of more cuts from the Fed. His peer at Goldman Sachs Group Inc., David Kostin, upgraded his 12-month target for the benchmark to 6,300 points from 6,000. The gauge closed at 5,695.94 Monday.

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