Morning Report 3 Oct 19: Stocks continue to retreat and growth concerns mount

In US economic data, the ADP survey showed that private sector jobs rose by 135,000 in September (forecast +140,000). The ISM New York index fell from 50.3 to 42.8 in September (forecast 47.5). Mortgage applications rose by 8.1% in the past week after falling 10.1% in the prior week. 

 * European sharemarkets fell on Wednesday. The World Trade Organization (WTO) approved US moves to impose import tariffs on $7.5 billion worth of European goods, raising fears of a US-Europe trade war. Also investors worried that a new Brexit proposal from UK Prime Minister Johnson lowered the chances of the UK leaving the European Union with a trade deal. The pan-European STOXX600 index fell by 2.7%. The German Dax lost 2.8% and the UK FTSE fell by 3.2%. In London trade, shares of Rio Tinto fell by 4.7% but BHP fell by 4.1%. 

 * US sharemarkets fell on Wednesday. Investors fretted about the health of the global economy. Fears of a widening trade war also weighed on investor sentiment. And shares in Ford fell by 3.3% after data showed a 5% fall in US auto sales in September. After being down 600 points in early afternoon trade, the Dow Jones closed lower by 494 points or 1.9%. The S&P500 index fell by 1.8% and the Nasdaq lost 123 points or 1.6%

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