Slumping oil drags U.S. stocks lower ahead of earnings

U.S. stocks ended Monday’s session with losses for the second straight trading session, as a renewed assault on oil prices eroded investor confidence ahead of the start of fourth-quarter earnings season.

The S&P 500 SPX, -0.81%  fell 16.55 points, or 0.8%, to 2,028.26, as nine of 10 main sectors finished lower. Energy sector lost 2.8%, while the technology sector was down 1.3%. Telecoms were the only bright spot, ending 0.6% higher.

Asian Market Update

Asian stocks were mostly firmer after benign Chinese economic data helped offset risk aversion generated by a continuing slide in crude oil prices, while the dollar fell to a one-month low against the safe-haven yen.

MSCI's broadest index of Asia-Pacific shares outside Japan pared earlier losses to rise 0.3 per cent after Chinese trade data proved better than expected.

The indicators provided relief as recent signs of weakness in the world's second largest economy has been central in worries over global growth.

Hong Kong's Hang Seng gained 0.7 per cent and the Shanghai Composite Index rose 0.8 per cent.

KLSE Malaysia Opening Market Update

MALAYSIA share prices opened lower on Tuesday with the FTSE Bursa Malaysia Kuala Lumpur Composite Index down 8.26 points to 1,726.82.

Volume was 26.29 million lots worth RM15.51 million.

Losers outnumbered gainers 118 to 54.

Market Closing Update

MALAYSIAN shares ended higher on Monday with the Kuala Lumpur Composite Index adding 2.64 points to close at 1,735.08.

Some 1.36 billion lots, valued at RM1.46 billion were traded. Gainers numbered 394 while losers numbered 317.

Euro could be worth less than U.S. dollar by Jan. 2018

 The euro could reach parity with the dollar by January 2017 — and it could fall as low as 90 cents by January 2018, Goldman Sachs said Friday in a research note.

Goldman GS, -1.53%   revised its forecasts for several currency pairs to reflect what it predicts will be a prolonged period of dollar strength DXY, +0.44%  as the U.S. economy continues to show strong growth ahead of imminent interest-rate increases by the Federal Reserve.

The euro EURUSD, -0.22%   is likely to continue to fall relative to the dollar

The bank also lowered its year-end 2015 forecast for the euro’s  value relative to the pound EURGBP, +0.14%  to £0.73, from its previous forecast of £0.75. It left its year-end 2016 and year-end 2017 forecasts unchanged at £0.70 and £0.65 pounds.