US Markets Closed Mixed As Manufacturing Index Dropped (03-Jul-2012)
The US markets made a mixed closing on Monday, recovering from earlier weakness which caught the market after a report showed American manufacturing unexpectedly shrank in June. The manufacturing activity shrunk in June for the first time in three years as new orders dried up. The Institute for Supply Management's manufacturing index fell to 49.7% from 53.5% in May, in the first reading below the 50% line indicating contraction since July 2009. The ISM headline index is a seasonally adjusted gauge taken from combining the responses of purchasing managers on new orders, production, employment, supplier deliveries and inventories. Meanwhile, Federal Reserve Chairman Ben Bernanke will testify before Congress about the economic outlook and monetary policy on July 17 and 18.
In Europe, unemployment rate in May increased to 11.1% from 11% in April record high since the launch of euro in 1999. Besides, French economic growth is estimated to weaken in 2012 and 2013. The French national auditor stated that the country may need to cut 6 billion euro in spending in 2012 and raise taxes of 33 billion euro to meet the deficit target of 4% set by the European Union. Separately, the European leaders turn to the European Central Bank this week, seeking assistance following moves to calm markets and accelerate the currency bloc's integration last week. The ECB may offer help on July 5, with investors expecting an interest rate cut. The bank has a track record of action following political progress, including bond purchases that followed bailout programs and unlimited three-year loans.
The Dow Jones Industrial Average closed lower by 8.70 points or 0.07%, at 12,871.40. The S&P 500 finished up by 3.35 points, or 0.25%, to 1,365.51, while the Nasdaq closed up by 16.18 points or 0.55%, to 2,951.23.
The Indian ADRs closed mostly in green; HDFC Bank was up 0.42%, Infosys was up by 0.36% and Tata Communications was up 0.10%. On the flip side, Wipro was down by 0.11% and Sterlite Industries was down by 0.03%.
Top News Today
 Indian generic giant Ranbaxy Laboratories has spent over $300 million to overhaul its operations and ensure no repeat of drug safety violations that led to a multi-million dollar US fine....
 With an aim to provide broad based incentive and attract larger foreign institutional investors (FIIs) participation in the debt market, the government has slashed the withholding tax from...
 ITC has overtaken Hindustan Unilever (HUL) in branded food and beverages sales, a decade after it entered the business, giving a shot in the arm to YC Deveshwar's ambition of making the cigarette...
|
International Stock News
 Asia pacific stocks are trading lower in early deals on Thursday on signs that the US Federal Reserve could soon start tapering off its massive stimulus measures after Federal Reserve Chief...
 The US markets slipped on Wednesday, reversing gains after minutes from the Federal Reserve's latest meeting and comments from the Fed chief suggested the central bank may begin tapering...
 Asian markets ended mostly higher on Wednesday, on buyers spree amid renewed optimism about the global economy following recent encouraging data from across the globe, ahead of testimony...
|
|
Recent International Global Stock Market News News
|
|