New leaders were appointed in Italy and Greece over the weekend, lifting Asian stocks. The Nikkei climbed 1.1% to 8604, the Kospi jumped 2.1%, while the ASX 200 ticked up .2%. China’s markets rallied strongly, as the Shanghai Composite and Hang Seng both gained 1.9%.
The mood shifted in Europe, pushing the major indexes lower. The CAC40 dropped 1.3%, the DAX sank 1.2% and the FTSE slipped .5%. Debt fears were stoked by an auction of 5-year Italian bonds, which yielded a record high 6.2%, up nearly 1% from last month. Credit Suisse was placed under review by Moody’s, sending the shares down 3.4%.
US markets ended lower, with financials leading the declines. The Dow fell 75 points to 12079, the S&P 500 lost 1%, and the Nasdaq shed .8%.
S&P 500 Drops 1%
Salesforce.com closed up 2.8% after Citigroup upgraded the company to “buy”.
In earnings news, JC Penney shares dropped 2.8% after reporting a loss and a weak outlook. Lowe’s shares gained 1.7% after beating analyst forecasts and lifting its outlook.
Currencies
European currencies retreated against the Dollar. The Pound fell 1% to 1.5910, the Euro shed .9% to 1.3626, and the Swiss Franc declined .7% to 1.1020. The Australian Dollar dropped .8%, while the Yen inched up .1% to 77.11.
Economic Outlook
Tuesday’s reports will include PPI, retails sales, the Empire State manufacturing survey, and business inventories.
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Daily Analysis – Italian Debt Fears Send Western Markets Lower
Published 11/24/2011, 07:26 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Italian Debt Fears Send Western Markets Lower
Equities
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