Global Markets Turn Downward On Dismal Economic Reports

Friday, August 24, 2012 08:23
Global Markets Turn Downward On Dismal Economic Reports

Tags: China | economic indicators | world economy

Durable goods rose in July by 4.2% but that didn’t translate as good news to the markets. Demand for aircraft and autos drove the increase but excluding those factors, the economic indicator fell .4%.  

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Markets in Europe also slipped. A revision showed that gross domestic product (GDP) in the UK fell .5% in the second quarter. This was the third quarter in a row that the UK experienced a decline.
German Chancellor Angela Merkel said she wanted to keep Greece in the Euro but she gave no sign that she was willing to agree to Greece’s request for more time to fulfill on its end of the bailout agreement.
Futures on the Standard & Poor’s 500 Index fell .2%; the Stoxx Europe 600 fell .3%; China’s Shanghai Composite fell 1%; and the Nikkei fell 1.2%.
Crude oil futures also fell .2% and gold futures fell .1%. The dollar gained against the euro but fell against the yen.
The uncertainty seems to drag on and on. Perhaps there will be good news from the US Fed soon.

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