How are energy investors positioned?
* S&P 500 index falls as Trump impeachment rumblings
increase
* Sterling gains on bets court ruling cuts immediate Brexit
* U.S. consumer confidence plunges in September
(Updates with close of European markets; changes byline,
dateline)
By Chuck Mikolajczak
NEW YORK, Sept 24 (Reuters) - A gauge of global stocks fell
on Tuesday as calls for the impeachment of U.S. President Donald
Trump grew louder, while the British pound firmed as the UK
Supreme Court ruled Prime Minister Boris Johnson's decision to
suspend parliament was unlawful.
After initially advancing, Wall Street's benchmark S&P 500
index retreated to session lows after U.S. Representative John
Lewis, one of the most senior leaders, joined other Democratic
lawmakers in calling for impeachment proceedings to begin
against President Donald Trump. The call came after Trump confirmed he held back aid to
Ukraine but denied it was done to provoke an investigation of
Democratic political rival Joe Biden, the former vice president.
Biden was to deliver a statement calling for Trump's impeachment
later on Tuesday.
House of Representatives Speaker Nancy Pelosi, a Democrat,
was to meet later on Tuesday with Democratic lawmakers to
consider opening impeachment proceedings.
"They are taking a huge risk here, as are the Republicans,
digging in on both sides - it is interesting to see how this is
going to play out," said Paul Mendelsohn, chief investment
strategist at Windham Financial Services in Charlotte, Vermont.
"Is it good for the market? – Probably not."
The Dow Jones Industrial Average .DJI fell 189.62 points,
or 0.7%, to 26,760.37, the S&P 500 .SPX lost 27.24 points, or
0.91%, to 2,964.54 and the Nasdaq Composite .IXIC dropped
118.87 points, or 1.47%, to 7,993.59.
The tone of the market had begun to weaken earlier in the
session, with gains evaporating after weak data on U.S. consumer
confidence and a speech by Trump to the United Nations General
Assembly that called on nations to embrace nationalism and turn
their backs on globalism. Trump also issued a message to China
that he will not accept a "bad deal" in trade negotiations.
Markets had been optimistic about the trade tone after U.S.
Treasury Secretary Steven Mnuchin said on Monday that he and
U.S. Trade Representative Robert Lighthizer would meet with
Chinese Vice Premier Liu He for trade talks in two weeks, after
waning optimism on trade had hit the stock market on Friday.
A report showed that U.S. consumer confidence fell by the
most in nine months in September, far more than expected, as
Americans' economic outlooks darkened in the face of the
U.S.-China trade war. Investors have looked to U.S. consumer strength as a reason
to be optimistic about the economy despite signs of weakness in
other areas, such as manufacturing.
European shares closed near flat, as Brexit uncertainty and
the U.S. consumer data helped fan persistent growth worries.
The pan-European STOXX 600 index .STOXX rose 0.01% and
MSCI's gauge of stocks across the globe .MIWD00000PUS shed
0.51%.
Sterling gained after the court ruling against Johnson, but
uncertainty over a possible general election and the eventual
outcome of Britain's impending exit from the European Union
capped its rise. Sterling GBP= was last trading at $1.2472, up 0.35% on the
The dollar index .DXY , which measures the greenback
against a basket of six major currencies, fell 0.22%, with the
euro EUR= up 0.19% to $1.1012. Benchmark 10-year U.S. Treasury notes US10YT=RR last rose
15/32 in price to yield 1.6576%, from 1.708% late on Monday.
Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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