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Stock Markets Stock Markets World Market Watch: Nirmal Bang Securities
Stock Markets Stock Markets World Market Watch: Nirmal Bang Securities
| World Market Watch: Nirmal Bang Securities |
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| Written by Reetu Sharma |
| Tuesday, 07 July 2009 04:08 |
 U.S. stocks tumbled, sending the Dow Jones Industrial Average to its biggest drop since April 20, as a worse?than?projected decrease in jobs added to concern that rising unemployment will prolong the recession. Treasuries rose, while oil retreated to a five?week low. The second?quarter earnings season in US will kick off next week with Alcoa, the largest U.S. aluminum producer, reporting results on July 8. Analysts estimate profits in the S&P 500 declined 34% in the second quarter and will slump 21% on average in the third before rebounding 61% in the final three months of the year, according to Bloomberg data. Oil retreated 3.7% to $66.72 a barrel, Treasuries rose, sending twoyear yields below 1% for the first time in almost a month, and the dollar climbed against the euro on speculation a weak labor market will prolong the recession. The dollar headed for a weekly gain versus the euro on speculation the global recession will be prolonged, increasing demand for the safety of the U.S. currency. Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992. Asian stocks fell for a third day as worsening job markets in the U.S. and Europe fanned doubts the global economy will recover soon. Today marks the first three?day slump in MSCI’s Asian gauge since April 28 as economic reports this week pointed to stalled recovery in the region. India’s Finance Minister Pranab Mukherjee may increase spending on power, roads and aid to the poor in next week’s budget to bolster growth in Asia’s third? largest economy. Goldman Sachs Group Inc. estimates the gap to rise to 6.5% of gross domestic product this year from 6.2%. Rating agencies are likely to watch closely the government’s intentions to cut the deficit. Any downgrade would adversely affect the outlook for foreign investments into the country. India may raise its annual bond?sale target by 10% to a record in next week’s budget to fund a widening deficit, a Bloomberg News survey showed. Borrowing in the year ending March 31 may increase to 4 trillion rupees from a previous estimate of 3.62 trillion rupees, according to the median forecast in a survey of 17 economists and investors. |