Fiscal cliff negotiations in the US hit a setback on Thursday, after the Republican backed solution failed to gather sufficient support. The uncertainty pressured Asian markets, sending the Nikkei down 1% to 9940. Car manufacturers tumbled, with Mitsubishi shedding nearly 6%. The Hang Seng and Shanghai Composite both dropped .7%. The Korean Kospi fell .9%, weighed down by Samsung’s steep 4.1% drop.
European banks came under pressure, dropping .9%, after a UK report suggested the government should break up large banks to ensure economic stability. The DAX fell .5% and the FTSE slipped .3%.
US stocks skidded as well, as the Dow dropped 121 points to 13191, and the Nasdaq slid 1% to 3021.
Nasdaq Drops 1%
Rd Hat shares jumped 4.5% after revenue beat estimates, which profits were in line with forecasts.
Currencies
Ironically, the US dollar rose, rallying .7% against the Australian dollar and British pound to 1.0403 and 1.6170. The euro and Swiss franc dipped .5%, while the yen inched up .1% to 84.23.
Economic Outlook
Core durable goods orders unexpectedly rose by 1.6%, versus forecasts for a .2% decline. Personal income climbed by .6%, also beating estimates. On a weaker note, consumer sentiment declined to 72.9 from 74.5.
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Fiscal Cliff Deal Remains Evasive, Pressuring Equities
Published 12/24/2012, 05:10 AM
Updated 05/14/2017, 06:45 AM
Fiscal Cliff Deal Remains Evasive, Pressuring Equities
Equities
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