US markets close to lowest level since late August

29 Sep 2015 Evaluate

The US markets closed lower on Monday, at their lowest levels since late August as concerns about slowing economic growth in China and mixed domestic economic data unnerved investors. On the economy front, a gauge of pending home sales fell 1.4% in August to the lowest level in five months, suggesting buyers have been deterred by rising prices tied to a shortage of homes on the market. The index from the National Association of Realtors declined to seasonally adjusted 109.4 in August from 110.9 in the prior month. Still, pending sales are 6.1% above year-ago levels, reflecting a step-up in purchases in 2015. An index reading of 100 equals the average contract activity level in 2001.

On the other hand, consumers increased spending by 0.4% in August, a strong month of car buying and back-to-school purchases at retailers. Personal incomes rose by 0.3% last month. Since spending grew faster than income, the amount of money individuals save fell a tick to 4.6% from 4.7%. Consumer outlays have risen a modest 3.5% in the past year, though spending looks healthier if gasoline is stripped out. Also, inflation as gauged by the PCE price index was unchanged in August. The PCE index has risen 0.3% in the past 12 months, offering little evidence that inflation is about to surge close to the Federal Reserve’s 2% target. The core PCE index that excludes food and energy, meanwhile, edged up 0.1%, and it's 1.3% higher over the past year.

Meanwhile, Chicago Fed President Charles Evans stated that a later liftoff from near-zero interest rates will better help the US economy, and the best time for a rate hike may not come until the middle of next year. Evans contended normalizing policy too early brings risks amid pressure on inflation from low energy prices and subdued wage growth. Evans - who is a voting member on the committee - contended the Fed would need to normalize gradually after the first hike to avoid shaking markets further. He called three hikes of 25 basis points appropriate by the end of the next year.

The Dow Jones Industrial Average lost 312.78 points or 1.92 percent to 16,001.89, the Nasdaq was down by 142.53 points or 3.04 percent to 4,543.97 while the S&P 500 dropped 49.57 points or 2.57 percent to 1,881.77.

The Indian ADRs ended mostly in red on Monday, HDFC Bank was down 2.39%, Tata Motors was down 1.15% and ICICI Bank was down 0.28%. On the other hand, Dr. Reddy’s Lab was up by 1.59% and Infosys was up 0.03%.

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