Asian markets skidded on Friday, as Europe’s debt troubles remained in focus. The Nikkei fell 1.2% to 8375, the Kospi sank 2%, and the ASX 200 slumped 1.9%. China’s Shanghai Composite dropped 1.9%, and Hong Kong’s Hang Seng, declined 1.7%.
European markets continued to drop. Comments by German’s chancellor Merkel, that the ECB “cannot pretend to have powers they don’t have” cast doubt on plans for the ECB to lend money to the IMF to purchase sovereign bonds. The ECB cannot buy bonds directly. The FTSE fell 1.1%, the CAC40 dropped .4%, and the DAX closed down .9%.
FTSE slumps more than 1%
In the US, the Dow gained 26 points to 11796, while the Nasdaq fell .6% and the S&P 500 closed flat.
Salesforce shares tumbled 10% after reporting a loss. Clearwire plunged 21% after the CEO warned the company may be unable to make its December 1st debt payment.
Currencies
The Dollar traded modestly lower against the major currencies. The Euro rose .4% to 1.3524, the Pound advanced .3%, and the Australian Dollar ticked up .1% to 1.0010. The Swiss Franc gained .5% to 1.0908.
Economic Outlook
Leading indicators gained by .9% last month, beating analyst forecasts.
Monday’s reports will include existing home sales, and the Chicago national activity index.
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Daily Analysis – Asian and European Equities Drop, US ends Mixed
Published 11/23/2011, 07:43 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Asian and European Equities Drop, US ends Mixed
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