Market Updates

World Markets Slide as Japan Raises Crisis Level to Chernobyl

Bikram Pandey
12 Apr, 2011
New York City

    U.S. indexes decline after world outlook dimmed and commodities turned lower. Global markets were on the edge after Japan raised the risk level to the highest and markets in Japan, China and Europe slid. Crude oil fell 2% and gold declined 1%.

[R]4:18 PM New York – U.S. indexes head south after world outlook economic dimmed and commodities turned lower. Global markets were on the edge after Japan raised the risk level to the highest and markets in Japan, China and Europe slid. Crude oil dropped 4% and gold declined 1%.[/R]

U.S. indexes fell after Japanese authorities raised the nuclear disaster level at the quake-stricken Fukushima Daiichi nuclear plant to the highest level. The U.S. trade deficit narrowed to $45.8 billion and import prices soared on higher fuel prices. Alcoa swung to profit but sales were lower than expected.

Alcoa declined after it reported lower than expected sales. Chevron expects profit rise in first quarter. Community Health responds to Tenet lawsuit. Fastenal first quarter net earnings surged 42%. WMS Industries lowered third quarter revenue outlook.

European indexes declined after Japan raised the nuclear disaster level at the Fukushima nuclear plant to the highest level. Fiat increased its stake in Chrysler to 30%. German investor sentiment deteriorated more than estimated in April.

European online recruitment activity improved in March. German inflation confirmed at 2.1% in March and economic sentiment deteriorated in April. French current account deficit widened in February. Spanish annual inflation remained unchanged at 3.6% in March.

Stocks declined in London after Japan struggled with more earthquakes. The UK retail sales dropped, home prices rose more than estimated and trade deficit narrowed. Aviva lowered its stake in Delta Llyod NV. Punch Tavern revenues declined 3.6% in the first half.

Stocks in Shanghai and Hong Kong declined on the worries that inflation may overshoot government target for the second month in a row. China is scheduled to release GDP and inflation data this week. Banks and real estate developers declined and steelmakers gained on earnings expectations.

Stocks in Tokyo dropped for the second day after one earthquake hit Fukushima region and another powerful quake stuck in the ocean near Tokyo. The Nikkei dropped 1.7%. Crude oil eased. Tokyo Steel estimated higher annual net loss.

Australian stocks and dollar turned lower after international worries overshadowed market sentiment. The IMF cut global economic output and trimmed the U.S. economic growth rate to 2.8% and Japan’s rate 1.4%. Crude oil declined.

Commodities, Bonds and Currencies

The 10-year bond yield decreased to 3.48% and 30-year bond fell to 4.56%.

The U.S. dollar decreased to $1.44 to a euro and rose against the Japanese yen to 84.63 yen.

Immediate delivery futures of Texas crude oil decreased $4.03 to $105.89 a barrel, of natural gas decreased 0.01 cents to $4.09 per mbtu and gasoline prices decreased 3.98 cents to 316.07 cents a gallon.

In metals trading, copper prices decreased 3.9 cents to $4.46 per pound, gold decreased $14.80 to $1,453.30 per ounce and silver decreased $0.56 to $40.05.

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Earnings

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