Asian markets ended mixed as investors responded to the latest failure by US lawmakers to address the nation’s deficit troubles. The Nikkei fell .4% to 8315, but was well of its intraday low of 8261. The Korean Kospi rose .3%, erasing early losses, and the ASX 200 sank .7%, weighed down by a 4.3% drop in Qantas Airways. In greater China, the Shanghai Composite closed flat and the Hang Seng inched up .1% to 18252.
European markets extended their losing streak to 4, as a weak debt auction in Spain pressured financials. An government auction of 3-month bonds had a yield of 5.11%, more than double the rate from a month ago. The DAX slumped 1.2%, the CAC40 dropped .8%, and the FTSE fell .3%. European banks fell more than 3%, as the value of their bond holdings continues to erode.
European Markets Continue to Fall
In the US, the major indexes closed moderately lower. The Dow shed 54 points to 11494, the S&P 500 dropped .4%, and the Nasdaq slipped .1%.
Campbell Soup dropped 5.3%, despite reporting strong earnings. Netflix shares sank 5.4% after warning it would have a loss in 2012.
Currencies
The Dollar closed mixed against world currencies. The Euro rose .2% to 1.3514, and the Swiss Franc gained .4% to 1.0943. The British Pound, Japanese Yen, and Australian Dollar all eased fractionally.
Economic Outlook
US GDP data showed the economy grew at a rate of 2% in the third quarter, less than the 2.5% previously estimated. On a better note, the Richmond Manufacturing Index was flat, better than last month’s -6 reading.
Wednesday’s reports will include durable goods, personal income and spending, consumer sentiment, weekly mortgage applications, and weekly oil inventories.
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Daily Analysis – Short Term Spanish Bond Yields Soar
Published 11/23/2011, 07:45 AM
Updated 05/14/2017, 06:45 AM
Daily Analysis – Short Term Spanish Bond Yields Soar
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