London Stock Exchange near the Paternoster Square
Well today started of with bang, all the major markets put in a loss of about 3% during the opening bell. Here’s a comprehensive overview of what’s happening as I write…
A weeklong selloff in stocks deepened as reports in the U.S. raised doubts about the strength of the economic recovery and leaders in Europe struggled to contain the region’s debt crisis. Commodities tumbled, the euro plunged and Treasuries soared.
The losses pushed the Standard & Poor’s 500 Index down 2.8 percent to 1,084.28 at 10:37 a.m. in New York, a move below the 200-day moving average level that traders who base decisions on price charts say could trigger more declines. The MSCI World Index of developed nations’ stocks fell for a sixth day. The Stoxx Europe 600 Index plunged 3.2 percent. The euro weakened against the dollar, trading near the lowest in four years. Ten- year Treasury yields sank to the lowest levels of the year, dropping 15 basis points to 3.2 percent.
U.S. jobless claims unexpectedly increased to 471,000 last week and the Conference Board’s index of leading economic indicators fell 0.1 percent. European finance officials meet in Brussels a day before the German parliament votes on the country’s share of a $1 trillion bailout to backstop the euro in the wake of a worsening sovereign debt crisis.
– Whitney Kisling and Elizabeth Stanton, Bloomberg
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