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Daily Analysis – Equities Close Mostly Lower on Debt Jitters

ByBinary Options Strategy
Published 12/12/2011, 06:53 AM
Updated 05/14/2017, 06:45 AM
NDX
0.12%
DE40
0.50%
JP225
0.47%
HK50
2.64%
SMT
-3.40%
Equities

Asian markets slumped in response to a warning by S&P that it was placing 15 euro zone nations on credit watch for a possible downgrade. The Nikkei declined 1.4% to 8575, but Olympus shares jumped more than 9% amid expectations the stock will recover from its scandal induced losses. In Australia, the ASX 200 shed 1.5%., despite a .25% rate cut by the Reserve Bank of Australia. The Kospi fell 1%, the Hang Seng dropped 1.2%, and the Shanghai Composite eased .3%.

European markets traded mostly lower, as the DAX sank 1.3%, the CAC40 lost .7%, and the FTSE closed flat. German retail chain, Metro, plunged 14% on a weak outlook, pulling down the retail sector by 2.1%.

German Se Xetra Dax Index

Germany's DAX Sinks 1.3%

US stocks ended mixed, as the Dow climbed 52 points to 12150, the S&P 500 inched up .1%, and the Nasdaq fell .2%.

Currencies

The Canadian Dollar rose .7% to 1.0098, lifted by solid Ivey PMI data, while the Dollar was firm against other currencies. The Euro ended flat at 1.3398, the Pound slipped .3% to 1.5595, and the Australian Dollar declined .2%. The Swiss Franc dropped .6% to 1.0794, while the Yen inched up .1% to 77.74.

Economic Outlook

The news continues to be dominated by the Euro debt crisis, and the focus is now on the proposed stability fund changes, due to be discussed at the EU summit later this week. It remains to be seen if the officials have the will to tackle the enormity of the debt problem.

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