DJIA
fell 0.9% to settle at 12,822.6. NASDAQ tumbled 1.4% to close at 2,925.3.
S&P 500 slumped 1.0% to end at 1,362.7.
Nikkei
225 index is trading 1.5% lower at 8,542.7.
FTSE
100 fell 1.1 %, to settle at 5,651.8.
FTSEurofirst
300 index shed 1.5% to 1,049.0.
In
Asia, crude oil for September delivery is trading 1.4% or $1.32 lower at $90.51
per barrel.
At
0400 BST today, the GBP is trading 0.3% lower against the USD at $1.5576, 0.1%
higher against the EUR at €1.2858, and 0.6% lower against the JPY at ¥121.80.
US Market
Snapshot
US
markets slid on Friday, snapping a three-day winning streak, amid mounting
concerns about Spain’s ability to control its debt problems and after a mixed
bag of corporate earnings reports soured market sentiment. Microsoft fell 1.8%,
as it posted its first quarterly loss in its 26 years as a public company.
Freescale Semiconductor dropped 6.5%, after its third-quarter revenue forecast
missed market expectations, while Advanced Micro Devices slipped 13.2%, after
reporting dismal second-quarter results and forecast third-quarter revenue
below market expectations. Chipotle Mexican Grill tumbled 21.5%, after it
posted lower than expected revenue for second-quarter. Financials, JPMorgan
Chase, Bank of America, Citigroup and Morgan Stanley declined between 1.6% and
3.6%, as risk appetite decreased amongst investors.
DJIA
fell 0.9% to settle at 12,822.6. NASDAQ tumbled 1.4% to close at 2,925.3.
S&P 500 slumped 1.0% to end at 1,362.7.
Asian Market
Snapshot
Asian
stock markets are trading lower this morning, after a Chinese central bank
official warned of a slowdown and amid concerns about Greece and Spain. In
Japan, Canon and Sony are trading lower, amid worries over their eurozone exposure.
Tokyo Steel traded lower, after it projected an annual operating loss in the
year to March. In Hong-Kong, Citic Pacific Ltd is trading lower, following a
rise in its project cost in Western Australia. China Petroleum and Chemical
paced declines as it indicated that its crude throughput in the first half of
2012 rose 1.13% over a year earlier, easing from a 3% expansion in 2011. In
South Korea, exporters, Samsung Electronics and Hyundai Motor traded lower
after government data on Saturday showed exports declined for the fourth time
in six months.
Nikkei
225 index is trading 1.5% lower at 8,542.7. Hang Seng index is trading 2.4%
lower at 19,173.7. Kospi index is trading 2.2% lower at 1,782.7.
UK Market
Snapshot
UK
markets closed lower on Friday, amid renewed concern about Spain’s debt
problems, after the country cut its growth forecast and as the region of
Valencia sought an emergency loan fund. Banking sector stocks, Royal Bank of
Scotland, Barclays, HSBC and Lloyds Banking Group plunged between 1.0% and
3.6%, amid concern Spain’s debt crisis is worsening. Evraz fell 6.4%, after its
US peer, Nucor posted weaker than expected earnings. Resolution slumped 5.4%,
after the company cancelled plans to return £250 million to shareholders,
citing economic and regulatory uncertainty. Segro dropped 3.0%, after Bank of
America downgraded its rating on the stock to “Neutral” from “Buy”. Vodafone
declined 1.7%, after it posted a weaker-than-expected slump in its quarterly revenue.
London Stock Exchange Group eased 1.6%, after Singapore Exchange denied being
in talks to acquire the company.
FTSE
100 fell 1.1 %, to settle at 5,651.8. FTSE 250 eased 0.7%, to close at 11,168.9.
European Market
Snapshot
Other
European markets closed lower on Friday, as rising concern over the impact of
the banking sector bailout on public debt in Spain pushed Spanish 10-year
government bond yields to euro-era highs. Banks, BBVA, Banco Santander and
Intesa Sanpaolo plunged between 6.5% and 7.8% respectively, after the region of
Valencia stated that it would apply to the government for help. Nokia slipped
7.4%, after Fitch Ratings cut the company’s debt rating by two notches as the
company’s second-quarter loss widened. Utility stocks, RWE and Electricite de
France dropped 6.0% and 5.7% respectively, after UBS downgraded its rating on
both the stocks to “Sell” from ”Neutral”. Industrial and branded goods company,
Orkla shed 3.8%, after the company reported weaker-than-anticipated
second-quarter earnings.
FTSEurofirst
300 index shed 1.5% to 1,049.0. German DAX Xetra 30 declined 1.9% to 6,630.0.
French CAC-40 closed 2.1% lower at 3,193.9.
Commodities
In
Asia, crude oil for September delivery is trading 1.4% or $1.32 lower at $90.51
per barrel. On Friday, crude oil for August delivery dropped 1.3% or $1.22 to
$91.44 per barrel, snapping its winning streak of seven consecutive sessions,
as concerns about supply disruption from the Middle East eased and as the euro traded
lower against the dollar, amid escalating concerns that an aid package for
Spain’s ailing banking system would not stem the region’s financial crisis.
Gold
for immediate delivery is trading 0.3% lower today, at $1,579.10 per ounce.
Gold for August delivery settled up 0.2% or $2.40 at $1,582.80 per ounce on
Friday, as investors’ mounting concerns about the pace of the economic recovery
spurred investment in the precious metal as a safe haven. However, gains were
capped, as the dollar traded higher against the euro.
Currencies
At
0400 BST today, the GBP is trading 0.3% lower against the USD at $1.5576, 0.1%
higher against the EUR at €1.2858, and 0.6% lower against the JPY at ¥121.80.
The
EUR is trading 0.4% lower against the USD at $1.2113.
The
EUR is trading 0.7% lower against the JPY at ¥94.71.
The
EUR is trading lower against its peers, amid renewed concern over eurozone debt
crisis, and ahead of report which is expected to show that consumer confidence
in the eurozone fell to three-year low in July.
The
USD is trading higher against its major counterparts, as demand for safe haven
increased. However, gains in the USD
were limited, ahead of data due this week which is expected to show US economic
growth slowed in the second quarter, spurring speculation that the US Federal
Reserve would ease monetary policy further.
On Friday, the EUR ended
lower against its major peers, after Spain's Valencia region stated that it
would seek central government help to repay its debts, intensifying speculation
that Spain might not be able to avoid a full-scale international bailout. However, the euro found little support, after
euro-zone Finance Ministers formally backed an agreement to provide funding up
to €100 billion to Spain. The CAD ended lower against the USD, after a report
revealed that on monthly basis, Canadian consumer prices fell
more-than-expected in June.
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