Stocks are down today on worries over the fate of Europe’s economy.
Wall Street opens down on euro zone concerns
(Reuters) – Stocks opened lower on Tuesday following comments from Germany’s Chancellor that the country is opposed to phrase in a final draft for the region’s summit.
The Dow Jones industrial average .DJI was down 52.72 points, or 0.44 percent, at 11,860.90. The Standard & Poor’s 500 Index .SPX was down 8.54 points, or 0.68 percent, at 1,245.65. The Nasdaq Composite Index.IXIC was down 19.19 points, or 0.71 percent, at 2,680.25…Read the full article
Major Media Headlines:
- The Obama administration announces a new plan to help underwater mortgage holders. (Reuters) – Media Digest
- Amazon.com’s (NASADQ: AMZN) results could be hurt by the expense of the Kindle Fire. (Reuters) - Media Digest
- More worries arise about an EU region recession. (WSJ) - Media Digest
- Banks in Italy and Spain may take the largest hits in an EU rescue plan. (Bloomberg) - Media Digest
- U.S. mortgage bonds hit a six-month low on Obama’s home refinance program plans. (FT) - Media Digest
Oil continues to recover month-long lows as it hovers around $93-94/barrel.
Oil prices mixed on eve of European summit
World oil prices were mixed on Tuesday as traders awaited a midweek European summit on resolving the region’s debt crisis while upbeat Chinese economic data provided support, analysts said.
New York’s main contract, light sweet crude for December delivery, gained 97 cents to $92.24 per barrel.
Brent North Sea crude for December fell 21 cents to $111.24 in early afternoon deals.
Traders were on the sidelines ahead of Wednesday’s emergency European Union debt rescue summit, said Nick Trevethan, senior commodities strategist for ANZ Research in Singapore.
“There is a degree of fence-sitting ahead of the EU summit tomorrow. If they make progress, it will be highly positive for the market, though they have the tendency to disappoint somewhat,” he told AFP.
Market sentiment heading into the summit had been positive following a weekend meeting of EU leaders who seemed to put aside differences and make progress in finding a salve to the region’s debt woes.
However, persistent worries that Italy could need a bailout on the lines of debt straddled Greece as well as negotiations centered on a big debt write-off for Athens cast a shadow.
For the moment, crude markets were being supported by stellar manufacturing data from China, Trevethan stated.
“We have some decent data out of China, which helped lift sentiment not just in oil but in other commodities,” he said.
Manufacturing activity in China hit a five-month high in October, HSBC said Monday, easing fears of a hard landing in the world’s second-largest economy and greatest energy consumer…Read the full article
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