Markets

Stocks End the Week Lower as Europe’s Debt Issues Continue Scare Investors | November 28, 2011.

Asian Markets are set to start the week mixed as U.S. stocks tumbled in the worst Thanksgiving-week loss for the Standard & Poor's 500 Index since 1932 as concern grew that Europe's debt crisis will spread and American policy makers failed to reach agreement on reducing the federal budget.

The Dow fell 25.77 points, or 0.23%, to 11231.78 in a shortened session, and finished the week down 4.8%. Increasing sovereign-debt worries in Europe and the U.S. supercommittee's failure to reduce the deficit were the main drivers for the week's downdraft. The Dow has lost 7.6% over the last two weeks and finished at its lowest level since Oct. 7. It is down 3% for the year.

The EURUSD (see chart above) slid for a fourth week, its longest losing streak versus the dollar in 18 months, as Germany's struggle with a bond auction signalled Europe's debt crisis is touching the region's most fiscally sound nations. The euro dropped 2.1 per cent to $1.3239 yesterday in New York, from $1.3525 on Nov. 18. However this morning the euro climbed after a report in La Stampa that the International Monetary Fund is preparing a 600-billion euro ($794 billion) loan for Italy in case the country's debt crisis worsens. The Italian daily didn't say where it got the information.

WTI Oil rose on speculation that euro-area leaders will do more to fight the debt crisis and on concern that tension in the Middle East will disrupt supply. Crude oil for January delivery gained 60 cents to settle at $96.77 a barrel on the New York Mercantile Exchange.

Gold (see chart above) fell as a fresh set of European credit-rating downgrades sent investors seeking safety in the dollar, pushing gold futures lower for the third time in four sessions.

INDICES
Last Traded
SPI 200 future 4008
S&P500 Index 1158.67
Dow Jones 11231.80
FTSE 100 Index 5164.65
COMMODITIES
Last Traded
Gold 1695.50
Oil (Nymex) 95.84
CURRENCIES
Last Traded
AUDUSD 0.9809
EURUSD 1.3305
GBPUSD 1.5475
USDJPY 77.58

S ource

Bloomberg, Dow Jones News

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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