Equities
Spanish protests over austerity measures sent Asian markets lower on Wednesday. The Nikkei sank 2% to 8907, the Kospi declined .6% to 1980, and the ASX 200 eased .3% to 4362. The Shanghai Composite dropped 1.2% to 2004, its lowest level since early 2009, and the Hang Seng fell .8% to 20528,
European markets tumbled, led by Spain’s IBEX 35, which tanked 3.9% as violent protests gripped Spain and Greece. The CAC40 plunged 2.8%, the DAX dropped 2%, and the FTSE fell 1.6%.
US stocks fared better, posting narrower losses. The Dow shed 44 points to 13414, the Nasdaq sank .8% to 3094, and the S&P 500 dropped .6% to 1433.
Jabil Circuit tumbled 9.9% after earnings missed estimates. Research in Motion rallied 6.1% after releasing subscriber data which was stronger than expected.
Currencies
The Dollar traded modestly higher as investors shifted out of risk. The Euro slipped .3% to 1.2869, while the Pound and Australian Dollar declined .2%. The Yen inched up 5 pips to 77.75, while the Canadian Dollar skidded .5% to .9853.
Economic Outlook
New home sales fell short of forecasts, clocking in at 373K vs. 381K.
Spanish protests over austerity measures sent Asian markets lower on Wednesday. The Nikkei sank 2% to 8907, the Kospi declined .6% to 1980, and the ASX 200 eased .3% to 4362. The Shanghai Composite dropped 1.2% to 2004, its lowest level since early 2009, and the Hang Seng fell .8% to 20528,
European markets tumbled, led by Spain’s IBEX 35, which tanked 3.9% as violent protests gripped Spain and Greece. The CAC40 plunged 2.8%, the DAX dropped 2%, and the FTSE fell 1.6%.
US stocks fared better, posting narrower losses. The Dow shed 44 points to 13414, the Nasdaq sank .8% to 3094, and the S&P 500 dropped .6% to 1433.Jabil Circuit tumbled 9.9% after earnings missed estimates. Research in Motion rallied 6.1% after releasing subscriber data which was stronger than expected.
Currencies
The Dollar traded modestly higher as investors shifted out of risk. The Euro slipped .3% to 1.2869, while the Pound and Australian Dollar declined .2%. The Yen inched up 5 pips to 77.75, while the Canadian Dollar skidded .5% to .9853.
Economic Outlook
New home sales fell short of forecasts, clocking in at 373K vs. 381K.