This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

World Markets Down After Weak US Earnings


BANGKOK (AP) â¿¿ A batch of weaker-than-expected earnings that interrupted a two-week rally on Wall Street also sent stocks lower in Europe and Asia on Wednesday.

Oil prices fell to near $110 a barrel as a report showed U.S. crude supplies rose more than expected last week, suggesting growth in demand could be waning. In currencies, the dollar fell against the euro but was higher against the yen.

Sentiment for riskier assets was muted as investors fretted about potential terrorist attacks following the killing of Osama bin Laden at the hands of U.S. commandoes over the weekend.

"The market welcomes the good news, but it worries about whether this news will lead to higher short term uncertainties on the concern of revenge activities," Bank of America Merrill Lynch said in a report.

In early European trade, Britain's FTSE 100 lost 0.8 percent to 6,036.04. Germany's DAX was 0.2 percent lower to 7,486.79 and France's CAC-40 was off 0.2 percent at 4,089.03. Wall Street was headed for a tentative day of trading, with Dow Jones industrial futures nearly unchanged at 12,754 and S&P 500 futures mostly flat at 1,351.70.

Enthusiasm for stocks was also dampened by a report Tuesday by the People's Bank of China that reflected continuing concerns over inflation. Such concerns could spur the central bank to place additional curbs on lending, which would reduce the amount of money available for investment in the hopes of stabilizing prices.

Hong Kong's Hang Seng index dropped 1.4 percent to 23,315.24. Shares of Hong Kong-listed Zijin Mining Group, China's biggest gold miner, tumbled 2.7 percent after a court in southeastern China ordered the company to pay a $4.6 million fine for toxic mine spills at the Zijinshan Gold and Copper Mine nearly a year ago.

Blue chip property shares also fell over possible new restrictions aimed at cooling housing prices. China Resources Land Ltd. dropped 2.7 percent and China Overseas Land & Investment was down 2.6 percent.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community


Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs