Markets remain on edge as ECB meeting approaches $DIS:xnys
- Published: 06 September 2012
- Markets were mixed overnight as investors wait for this weeks pending ECB meeting to provide further direction as to the state of the economic recovery
- Investors are looking for something concrete from the ECB and its President Mario Dragi to help stabilize markets and put a floor in the continuing debt crisis that is sapping market and investor confidence
- Among the S&P500 sectors, material stocks gained whilst utilities lagged. Only the Dow managing to eek out a small gain for the session
- Parcel giant FedEx fell 1.99% after it cut its first quarter forecast due to the weak economy. This was compounded by a number of broker downgrades
- Nokia fell over 15% overnight after the release of two new smart phones running the Windows Phone 8 operating system
- Leading the moves on the Dow was AXP which fell 2.42%, whist DIS, HPQ and BA each rose 2.28%, 1.65% and 1.48% respectively
- DOW +0.09%, S&P500 –0.11% and NASDAQ –0.19%
- USD was weaker against the EUR on ECB bond buying anticipation
- Gold fell in light volumes as markets await ECB. Crude manage to rise 0.6%
