Asian trade: Asian stocks opened lower, after a new wave of companies were downgraded by the three rating agencies. Until now, U.S. futures lost nearly 1%, as probably more debt rating cuts are expected.
However, the downgrades should not be a big surprise for anyone. Even the most optimistic stock market investor cannot ignore the very poor reports coming from the world's leading economies. Most releases hover near record lows, including the ones that refer to consumer spending. If consumers do not do what they know the best - spend - companies will not reach their earnings target. Because of this, we are probably going to see a disappointing earning season in January. The stock market will have a hard time obtaining a sustainable rally without good earning results.
Tonight, the Nikkei lost 69.58 points (0.80%) to 8,670.95. The Australian S&P/Asx is trading slightly under the break-even line, falling 1.90 points (0.05%) to 3,580.30.
Crude oil remains under the $40 per barrel area, as demand is likely to remain very low. Crude oil for January delivery gained $0.10 to $39.30.
Gold rose, reacting to the dollar's decline. Bullion for immediate delivery rose $6.20 to $883.10.
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Asian Stocks Fell On Downgrades And Poor Upcoming Results
Published 12/31/2000, 07:00 PM
Updated 12/28/2008, 10:40 PM
Asian Stocks Fell On Downgrades And Poor Upcoming Results
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