Deteriorating growth outlooks in Asia and Europe and weaker-than-forecast U.S. retail sales dragged stocks lower while Treasuries gained. Oil dropped to extend a selloff in commodities.
U.S. stocks capped their worst week since August amid concern growth remains uneven as policy makers consider raising interest rates as soon as next month. European shares tumbled after growth in the region missed analysts’ estimates. Treasuries rose, pushing yields to the lowest in a week. Oil slid in New York, trading near a two-month low.
“There are still ongoing concerns about slowing economic growth,” said Patrick Spencer, equities vice chairman at Robert W. Baird & Co. in London. “The higher dollar, higher rates and slower growth make investors worry, and the numbers in China haven’t been so great lately.”
Gross domestic product in the euro area rose 0.3 percent in the third quarter, data showed Friday, down from 0.4 percent in the previous period, which was also the median estimate of economists in a Bloomberg survey. Sales at U.S. retailers rose less than forecast in October as consumers pocketed the money saved after fueling up their cars.
Investors are getting divergent signals on monetary policy around the world. While some Federal Reserve officials are making the case for policy tightening, European Central Bank President Mario Draghi hinted at adding stimulus.
Expectation the U.S. will raise interest rates in December is strengthening the dollar and cutting the appeal of raw materials. Prices of everything from gold to oil to copper are getting hammered. There are also fresh signs that government stimulus is doing little to stem the worst economic slowdown in a generation in China, the biggest consumer of energy, metals and grains.
Globant SA (NYSE:GLOB) develops software solutions in the United States, Europe, and Latin America. It designs and develops Internet-based solutions. Globant SA shares are trading 170.02% above their 52 week low price after the last close and -7.47% below the 52 week high. Its latest closing price was above 28.69% from the average-price of 200 days while it kept its distance from the SMA50 at 5.41% and -0.43% compared with the SMA 20.
Shares of Galapagos NV (ADR) (NASDAQ:GLPG) were 29.78% off 52 week lows as of the latest close and -24.86% below the 52 week high. Its latest closing price was down -9.03% from the average-price of 200 days while it maintained a distance from the SMA 50 at -3.06% and 0.30% compared with the SMA 20. Galapagos NV biotech developing new treatments for inflammatory diseases.
Grifols SA, Barcelona (NASDAQ:GRFS) a specialty biopharmaceutical company, develops, manufactures, and distributes a range of plasma derivative products primarily in the European Union, Spain, the United States, Canada, and internationally. The stock’s latest price traded at 21.89% off 52 week lows after the closing bell and was -3.91% behind its 52 week high. Its latest closing price was 9.07% down the SMA200 while the distance from the SMA 50 and SMA 20 was 6.99% and 2.18% respectively.
Garmin Ltd. (NASDAQ:GRMN) is trading 12.99% higher than the 52 week low price and -39.17% below the 52 week high. The stock’s latest closing price was -17.11% down from the average-price of 200 days while it kept its distance from the SMA50 at -1.58% and -0.99% compared with the SMA 20. Garmin Ltd. together with its subsidiaries, designs, develops, manufactures, and markets hand-held, wrist-based, and portable and fixed-mount global positioning system (GPS) enabled products; and other navigation, communication, and information products worldwide.
GlaxoSmithKline plc (ADR) (NYSE:GSK) creates, discovers, develops, manufactures, and markets pharmaceutical products, including vaccines, over-the-counter medicines, and health-related consumer products worldwide. GlaxoSmithKline plc so far this year has moved up -1.45% and its monthly performance stands at -2.66%. The stock was up 8.58% from its 52 week low and was -15.43% below the 52 week high. Its latest closing price was down -6.21% from the average-price of 200 days while it kept its distance from the SMA50 at -0.45% and -3.74% compared with the SMA 20.