Mixed earnings and European jitters push market lower $XAUUSD
- Updated: 02 April 2012
- Published: 22 August 2011
- US markets were weaker with the losses exasperated in the last hour after mixed earnings, disappointing Consumer Confidence data and the cancellation of the European Summit weighed on market sentiment
- Consumer Confidence in the US fell from 46.4 to 39.8, well below the market expectation of 46.0. The loss of confidence was put down to the continuing economic uncertainty and volatility in financial markets
- Markets sold off on news that European officials had cancelled pending summit meetings, however tomorrow’s debt summit will proceed with only tonight's meeting of EU Finance Ministers being cancelled
- Amazon fell 15% after it missed earnings expectations. Broadcom also fell 4.8% after its earnings Q4 revenue forecasts fell below expectations. 3M fell 6.3% after disappointing forecasts and weaker profit results
- Dow Jones –1.74% S&P500 –2.00% NASDAQ –2.26%
- Currency markets were volatile overnight with initial EUR gains unwinding. Commodity driven currencies such as the AUD and CAD fell
- Gold rallied 3.0% as risk appetite waned and oil rose on lower inventories
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