US stocks fall for a fourth session in a row overnight $ASXSP200.I
- Published: 11 July 2012
- US stocks continue to struggle as continued concerns out of Europe and profit warnings from US companies saw investors risk appetite wain
- Europe has again come into the spot light as a German court could force a delay of Europe's new bailout fund established to help the struggling EU recover from the long running debt crisis. As a result of this uncertainty the Euro has fallen to a two year low against the US Dollar
- Chinese imports for June where weaker to compound the market view that China is also being dragged down by the events unfolding in Europe
- US reporting season has begun on a weaker note with a Q2 loss from Alcoa. Also issuing a weaker than expected forecast was Cummins Inc which fell 8.94% to be the second worst performer on the S&P500. The engine maker forecast revenue would be flat this year against expectations of a 10% rise
- Applied Material Inc also fell 2.72% on weaker profit and sales forecasts
- Leading the moves on the Dow was AA and CAT down 4.11% and 3.45%
- DOW –0.65%, S&P500 –0.81% and NASDAQ –1.00%
- EUR made a two year low against the USD and the AUD is now below 1.02
- Gold fell on USD strength and Crude rose to trade above USD84.00 p/b
