Markets weak again overnight July 13th 2011

Last Updated on Wednesday, 13 July 2011 11:48

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Markets fell for the third day in succession after ratings agency downgradesto Irish debt saw the market give back early gains. European officials havealso acknowledged that some form of Greek default may be required toavoid the sovereign debt crisis from spreading to larger indebted economies
Federal Reserve Minutes showed that the board members are at odds to iffurther stimulus is required, especially if growth does not accelerate
The S&P500 fell for the fourth time in six sessions with Boeing leading thefalls, coming off by 1.94% overnight. Other majors to come off overnightwere INTC, BAC and GE falling 1.75%, 1.35% and 1.34% respectively
Cisco did manage to rally 1.1% after the tech giant announced that it couldeliminate as many at 10 000 jobs in an effort to generate profits. Thecompany also announced a updated version of its market leading networkswitching product in a further effort to lift stagnant profits
Dow –58.88 pts, NASDAQ –20.71 pts and S&P500 –5.85 pts
EUR has fallen below 1.40 against the USD as continued sovereign debtissues cause investors to sell out of the EUR. Lower than expected CPI datain the UK saw the GBP outperform overnight. AUD was volatile overnight butis now trading with an eye on pending Consumer and Chinese data
Gold is currently moving higher on safe haven demand, rallying 0.9%· Crude jumped 1.5% to USD96.62 as Euro fears calmed later in the session

Published by Spectrum Live Pty Ltd | www.spectrumlive.com
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