A look at Tuesday morning’s market action
Stocks in Asia and Europe tumbled as investors were disappointed with the lack of details about China’s fiscal stimulus.On Wall Street, markets are watching earnings from PepsiCo Inc.
“Essentially the markets were anticipating China would announce a bit more detail on the fiscal stimulus measures,” said Aneeka Gupta, director of macroeconomic research at WisdomTree. Hong Kong’s Hang Seng Index slumped 9.4 per cent, giving up some of the big gains it made during the Chinese holiday, in a sign of profit-taking and waning investor patience.Oil prices pared gains after jumping on Monday due to the widening conflict in the Middle East as well as concerns about supply disruptions due to storms in the United States.
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