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Equity Markets Fell On Bleak Outlook

Published 12/31/2000, 07:00 PM
Updated 12/22/2008, 10:45 PM

Asian trade: Asian shares are trading lower, extending the slump seen in the U.S. markets. Tonight, the biggest Asian market, the Nikkei, is closed for business.

Equity markets fell across the globe in the last sessions of trading, as the outlook remains bleak. A report showed that half of the loans that benefited from mortgage modification defaulted, again, shortly after. The mortgage payments and conditions were modified to help homeowners stay in their homes.

This is a bad news, since at the center of every central bank and government action lies the homeowner. This shows that conditions have not improved, and that banks are not struggling too much to pass the liquidity they get to their new (moral) owners: taxpayers.

In the Asian session, the Nikkei was closed for business, while the Australian S&P/Asx fell 10.10 points (0.28%) to 3,547.30.

Crude oil fell again under the $40 per barrel benchmark. Crude oil for January delivery declined $0.41 to $39.50.

Gold traded without any momentum in the Asian session. Bullion for immediate delivery fell $1.80 to $845.40.

Previous Wall Street trade: The pace of selling picked up on Wall Street as the afternoon wore on ahead of reports due out on Tuesday, which may show consumer sentiment remained depressed and sales of new and existing homes, along with prices, remained in a downward trend. Traders may also be looking to square positions for tax purposes.

Previous European trade: In Europe, the Dax lost 100.77 points (2.15%) to 4,595.93. The U.K. Ftse fell 39.33 points (0.92%) to 4,247.60

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