Market Updates

U.S, 30 Nations Indexes Drop; Brazil Drops 4%

123jump.com Staff
04 Feb, 2010
New York City

    Every benchmark index in 30 nations declined today. Spain led the world market sell-off with a plunge of 6% followed more than 4% losses in Brazil, Portugal, Greece and Argentina. Indexes in the U.S., Canada, Germany, France and UK declined at least 2%. Gold, copper and crude oil tumbled 4%.

[R]4:00 PM New York, 9:00 PM London, 8:00 AM Sydney – Every country and every benchmark index in 30 nations declined today. Spain led the world market sell-off with a plunge of 6% followed more than 4% losses in Brazil, Portugal, Greece and Argentina. Indexes in the U.S., Canada, Germany, France and UK declined at least 2%. Gold and crude oil futures tumbled 4%.[/R]

Every country and every benchmark index in 30 nations declined today. Spain led the world market sell-off with a plunge of 6% followed more than 4% losses in Brazil, Portugal, Greece and Argentina. Indexes in the U.S., Canada, Germany, France and UK declined at least 2%.

U.S. stocks turned lower after the weekly jobless claims in last week increased 8,000 to 480,000. Non-farm business productivity surged 6.2% in the fourth quarter and increased 5.1% over the last four quarters, the largest increase since 2002.

Berkshire Hathaway filed to sell $8 billion in debt to fund its purchase of Burlington Northern Santa Fe. Berkshire is using cash new stock and debt to acquire its largest purchase in four decades and spend $26 billion. S&P 500 index lowered the company rating one notch lower AA+.

Starwood Hotels & Resort led gainers in the S&P 500 index with a rise of 8.3%. Ameriprise returns to profit on higher fees. International growth boosts Yum Brands. Visa quarterly net income jumps 33%. MasterCard plunges. Same store sales and outlook lifts Gap, Macy’s and Abercrombie & Fitch.

European market indexes and the euro were under pressure after investors worried that Spain and Portugal have not done enough the meet EU deficit requirements. The benchmark index in Portugal dropped 4.2% and in Spain declined 3.5%.

The UK benchmark index dropped more than 2% after a rise in jobless claims in the U.S. Bank of England left its key lending rate at 0.5% and ended the program to support government printing money to revive the economy. Vodafone lifted cash flow outlook. Unilever sales growth slowed.

North American Markets

Dow Jones Industrial Average decreased 268.37 or 2.6% to a close of 10,002.18, S&P 500 Index edged lower 34.17 or 3.1% to 1,063.11, and Nasdaq Composite Index decreased 65.48 or 3% to close at 2,125.43. Toronto TSX Composite Index decreased 261.70 or 2.3% to 11,128.76.

Latin American Markets Indexes

Mexico Bolsa Index dropped 683.33 or 2.2% to 30,603.71 and Brazil Bovespa Stock Index plunged 3,174.55 or 4.73% to 63,934.01.

Europe Markets Review

In London FTSE 100 Index closed lower 113.84 or 2.17% to 5,139.31, in Paris CAC 40 Index decreased 104.22 or 2.75% to close at 3,689.25, in Frankfurt DAX index lower 138.85 or 2.45% to close at 5,533.24. In Zurich trading SMI decreased 157.29 or 2.40% to close at 6,396.51.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 48.35 or 0.46% to 10,355.98, and Hang Seng index in Hong Kong decreased 380.44 or 1.84% to 20,341.64, and CSI 300 index in China lower 11.91 or 0.37% to 3,218.80. ASX 200 index in Australia decreased 26.30 or 0.57% to 4,621.60. The FTSE Bursa KL Composite index in Malaysia was lower 2.12 or 0.17% to 1,265.03.

The Kospi Index in South Korea increased 1.40 or 0.09% to close at 1,616.42. SET index in Thailand closed lower 5.13 or 0.72% to 702.52. JSE Index in Indonesia decreased 11.33 or 0.43% to 2,593.22. The Sensex index in India decreased 271.10 or 1.64% to 16,224.95.

Commodities, Metals, and Currencies

Crude oil decreased $3.95 to $73.05 a barrel for a front month contract, natural gas edged up 3 cents to $5.44 per mBtu and gasoline decreased 9.47 cents to 194.15 cents.

Soybean future closed up 6.00 cents to $9.14 a bushel. Wheat futures closed up 6.75 cents in Chicago trading to $4.75 a bushel. Sugar closed down 0.94 cents at 27.64 cents.

Gold decreased $47.20 in New York trading to close at $1,064.80 per ounce, silver closed down $1.03 to $15.28 per ounce and copper for the front month delivery decreased 11.45 cent to $2.85 per pound.

Dollar closed higher against euro to $1.373 and edged lower against the Japanese yen to 88.97.

Yield on 10-year U.S. bonds decreased to 3.60% and with 30-year maturities closed down at 4.54%.

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