By Nagendra Padala: Subscribe to Nagendra's RSS feed
July 7, 2010 10:38 AM EDT
Futures on major U.S. stock indices point to a lower opening after the Wall Street overnight pared earlier gains as bearish sentiment reasserted itself.
Futures on the S&P 500 are down 0.66 percent, futures on the Dow Jones Industrial Average are down 0.59 percent and Nasdaq100 futures are down 0.61 percent.
On Tuesday, The Institute for Supply Management’s index of non- manufacturing businesses fell to a four-month low of 53.8 in June, less than the economist’s estimate of 55.
U.S. Treasury Secretary, Geithner said on Tuesday that the economy was still feeling the lasting effects of damage to business and consumer confidence from the financial crisis and Americans were still spending cautiously.
European shares fell on Wednesday sixth time in seven days after paring strong gains made on the Tuesday’s short covering rally. Construction and mining companies are experiencing the selling pressure. CRH Plc. tumbled after first- half earnings and sales fell more than previously forecast.
Follow us
France's trade deficit widened unexpectedly in May against the previous month also weighed on market sentiments. A second estimate from Eurostat confirmed on Wednesday that euro area GDP to growth at 0.2 percent in the first-quarter of 2010.
European markets are currently trading lower with FTSE 100 is declining 59.28 points, DAX30 fell 78.627 points and CAC 40 is declining 56.96 points.
The US Dollar and Japanese Yen rose against euro after disappointing US service-sector growth spurred concerns about the global recovery. Currently euro is trading at 1.2563 against dollar.
Crude oil futures declined 0.13 percent on a slightly stronger dollar and reports of possible declines in US inventories. Copper futures declined 0.69 percent. In precious metal sector, both gold and silver declined 0.59 percent and 1.13 percent, respectively.
In Asia region, stock markets declined on Wednesday first time in the week after disappointing economic data from the United States. China’s Shanghai Composite gained 0.49 percent, Nikkei fell 0.63percent and Hang Seng declined 1.13 percent.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Weekly Roundup: Asian Markets Fall On Weak China Data And Euro Zone Debt Concerns
Pre-Market Movers (Frontline, EMC Corporation, Deutsche Bank, SAP, Carnival Corporation, Wells Fargo & Company and BHP Billiton Limited)
Asian Markets Fall On China And Euro Zone Concerns
US Stock Futures Point To Higher Opening FridayWe value your privacy. Your email address will not be shared.
Weekly Roundup: Asian Markets Fall On Weak China Data And Euro Zone Debt Concerns
