Global stocks mostly down as slowing China weighs on some earnings

• January 29 2019
• http://www.jamaicaobserver.com/news/global-stocks-mostly-down-as-slowing-china-weighs-on-some-earnings_155853

NEW YORK, United States (AFP) — Global stocks mostly fell yesterday as a heavy week of earnings and economic news kicked off with a pair of disappointing US reports that underscored worries about slowing Chinese growth.

This week's calendar includes the resumption of closely watched US-China trade talks in Washington following a series of tariff announcements and tit for tat countermeasures by the two countries against each other.

Economists say that and other trade battles are weighing on global growth, especially in China, where weakness hit two bellwether US companies on Monday.

Shares of industrial giant Caterpillar slumped 9.1 per cent after projecting weaker-than-expected 2019 profits, in part due to slower sales in China.

A weak China outlook also weighed on chip company Nvidia, which dove 13.8 per cent after releasing disappointing forecasts.

Some US companies with big China presence, such as Nike and General Motors, have downplayed China's slowdown as a concern for their companies, while others, including Apple, which reports results on Tuesday, have described Chinese economic weakness as a headwind to profits.

Other earnings this week include Amazon, Boeing, Pfizer and Exxon Mobil.