Reuters Insider - Wall Street tumbles on global economic worries

COSCO Shipping International (SINGAPORE)

17/12/2018 24:15

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=1_sdd2ohs4&referenceId=tag:reuters.com,2018:newsml_OV9AX46TN_930&pageId=ReutersNews
Source: Reuters Insider

Description: U.S. stocks fell on fears about global economic slowdown after
weak data from China and Europe, with Johnson & Johnson plunging following
Reuters story that said J&J knew about asbestos in Baby Powder for decades.
Roselle Chen reports.
Short Link: https://reut.rs/2EiJ17M

Video Transcript:

US stocks fell. Weak economic data from China and Europe stoked fears of a
global economic slowdown. Clear Harbor Asset Management CEO Aaron Kennon.

We're seeing an expectation of growth next year in the sort of low to mid
single digits, whereas this year it's been closer to 25% earnings growth. And
I think when you have a slower global growth story and you have a Fed that
continues to be in sort of tightening mode, albeit perhaps a slower slightly
more neutralized tightening mode, it's very difficult for the market to vector
upward. It's vectoring downward, and that's what we would anticipate.

Johnson & Johnson dropped after Reuters reported that the company knew for
decades about asbestos in its baby powder. Apple fell after an influential TF
International Securities analyst slashed iPhone sales estimates. Costco traded
in the red after reporting a fall in quarterly gross margin. Walgreens Boots
Alliance fell on a Goldman Sachs downgrade. Global markets fell after China
reported weak monthly retail sales growth and industrial output numbers. That
added to disappointing economic data from France and Germany, and sent
European shares lower