Markets bounced around overnight to finish slightly lower $ASXSP500.I

  • US stocks were down overnight to drive the S&P500 to its longest slump in over 4 months. Weaker than expected GDP hurt market sentiment along with the continuing events unfolding in Europe
  • A fourth round of banking stress tests has been announced in order to ensure US banks can manage their exposure to European investments. Added to this, the latest FOMC minutes indicate that the Fed may consider further stimulus if it deems it necessary
  • In further regulatory news the IMF revamped its credit line program to encourage countries to seek assistance to combat financial shocks
  • Campbell Soup lost 5.3% after it missed sales estimates and online DVD provider Netflix fell 5.4% after they raised additional funds
  • Leading the losses on the Dow were AA (-2.22%) and BAC (-2.19%)
  • Dow Jones –0.46% S&P500 –0.41% NASDAQ –0.07%
  • USD weakened slightly on stimulus talk, AUD has tested 0.9900
  • Gold found some support overnight up 1.3%, spot Crude rallied 1.0%
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