Asian markets traded mixed on Wednesday. Amongst the winners, the Nikkei edged up .3% to 8448, the ASX 200 rallied .9%, and the Hang Seng climbed .8%. On the losing side, the Kospi fell .4%, and the Shanghai Composite slipped .4%.
In Europe, stocks slipped, pressured by remarks from Fitch, saying the ECB must buy euro zone debt to prevent a collapse of the euro. The FTSE declined .5%, while the CAC40 and DAX eased .2%. UniCredit shares rallied for a second session, gaining 6%, after its recent 75% loss in value.
In the US, the Dow edged down 13 points to 12449, while the Nasdaq rose .3%. The broader S&P 500 closed flat.
Urban Outfitters tumbled 18.6% after Citi slashed the firm’s price target.
In earnings news, Supervalu dropped 12.5%, after reporting a loss which was larger than forecast. Lennar shares advanced 7.2% despite a weak profit report, thanks to a jump in new orders.
Currencies
European currencies fell against the Dollar. The Pound slumped 1.1% to 1.5319, and the Swiss Franc shed .5% to 1.0480. The Euro settled down .6% to 1.2706, after trading as low as 1.2662 earlier in the day. The Yen and Australian Dollar both posted minor losses, and the Canadian Dollar eased .3% to 1.0191.
Economic Outlook
Oil inventories rose by 5 million barrels, much more than the .9 million forecast. Weekly mortgage applications rose, encouraged by low interest rates.
The Bank of England and ECB will issue their rate statements on Thursday, and both are expected to keep rates steady at .5% and 1% respectively.
Thursday’s US data will include retail sales, weekly jobless claims and business inventories.
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Binary Options Daily Analysis – Fitch Warns of Potential ‘Cataclysmic’ Euro Collapse
Published 02/04/2012, 11:59 PM
Updated 05/14/2017, 06:45 AM
Binary Options Daily Analysis – Fitch Warns of Potential ‘Cataclysmic’ Euro Collapse
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