US Markets at Wall Street went down and The Japanese equities rose
US Markets at Wall Street went down and The Japanese equities rose
Oil fell as gains in the dollar and the weaker stock market offset strong Chinese demand data.Pressure came from a rising dollar, although analysts noted that the greenback's impact on oil had somewhat ebbed in recent days as oil investors shifted their focus to tightening fundamentals.Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut said: "The market is starting to stall after a run-up in the past couple of weeks. There are renewed concerns about euro-zone debt and worries that the US fundamental picture may still be out of line to support a surge to $90." Oil for December delivery settled unchanged at $87.81 .
The Euro edged down on concerns about Ireland's ability to repay its debt while earnings fears knocked US stocks lower when a technology bellwether Cisco Systems gave a dismal outlook.The greenback was supported by a US think tank report saying that the Federal Reserve might scale back its latest plan to buy government bonds.
The Euro was seen down against the yen and hit a seven-week low against sterling too.The euro fell as low as $1.3637. The dollar strengthened against major currencies, up 0.64 percent. Against the Japanese yen, the dollar was up 0.3 percent at 82.51 yen.
Gold prices were seen on a bright note as escalating concerns over debt in some euro zone economies prompted investors to buy both the metal and greenback as safe havens. Gold benefited as doubts about Ireland's ability to repay its debts spread.Gold tends to fall when the dollar rises, as this erodes the metal's appeal as an alternative investment, but in times of extreme risk aversion both assets can benefit.Donald Selkin, chief market strategist at National Securities Corp said: "Gold is resuming its role as a safe haven in times of crisis as the
situations in Ireland and some European countries are getting worse. So, it has also been separating itself from the euro lately because of the safe-haven play."Gold prices for December delivery settled up $4 at $1,403.30 an ounce.
The US Treasury Market remained lower as the US sold $16 billion of the securities amid concern yields will continue to climb as the Federal Reserve focuses its purchases on shorter-maturity debt.The ten-year Treasury yield were down.German government bonds ended higher as investors, concerned that some so-called peripheral nations such as Ireland will have to restructure their debt, sought refuge in the euro-region's safest assets.Steven Major, global head of fixed-income research at HSBC Holdings Plc in London said: "Bunds are higher on safe-haven flows. Lagarde's comments mentioned restructuring and that's another nail in the coffin. There's still a big constituency of investors and traders who have not recognized until now that restructuring could happen."Ten-year german bonds were at 2.41 percent.
The Japanese equities rose encouraged by recent falls in the yen against the dollar, but profit-taking and technical selling curbed further gains. Investors turned cautious about chasing the Nikkei higher following its recent rapid pace of gains and when Cisco Systems shares plunged on its dismal revenue outlook, raising worries that US shares could drop later in the day.Banking shares rose yesterday in Japan when the Financial Times reported that most major Asian banks may be exempt from planned new global regulations.Japanese stock index Nikkei closed up 0.3 percent at 9,859.20.
US Markets at Wall Street was dragged lower as Cisco's outlook is discouraging but the brighter side is the market fought back in a sign the bullish trend remains intact.Stephen Massocca, managing director at Wedbush Morgan in San Francisco said: "This is a recipe for disaster but the fact is, the market is doing pretty well. The market is exhibiting considerable strength here, considering the run we've had in the past few weeks,negative news out of Cisco, and the dollar doing well."Cisco's warning dragged down shares of other tech heavyweights.Cisco's disappointing outlook came as the market's recent rally lost steam.The Dow Jones Industrial Average fell 73.94 points to 11,283.10. The Standard &Poor's 500 shed 5.17 points to 1,213.54. The Nasdaq Composite Index lost 23.26 points to 2,555.52.
European equities like the FTSE , CAC and DAX to ended lower with investors uneasy about the situation in Ireland.Stocks in Europe dipped as investors dumped stocks from the region's peripheral countries on mounting fears over Ireland's debt woes.The Thomson Reuters Peripheral Eurozone Countries Index .TRXFLDPIPU fell 1.9
percent to a one-month low.Jean-Yves Dumont, head of asset allocation strategy and funds at Dexia Asset Management, said: "It's time to book profits, that's what we're doing. The market is ripe for a correction,which turned "underweight" on equities on Wednesday. Overall it's deja vu, and Europe has put in place a lot of
instruments to help avoid a full-blown crisis."FTSE Index, DAX Index & CAC Index fell.
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