US Markets Slip On Worries Over Greece And Italy (12-Jun-2012)
The US markets fell sharply on Monday, with the Dow Jones Industrial Average closing lower for the first session in five, as euro zone worries overpowered market sentiment with investors worried about coming events, including elections in Greece. Investors were also nervous over lack of details of the agreement of Spain aid and the growing realization that Italy may be the next in line to seek even larger bailout. Investors are now focusing on economic data scheduled this week. Retail sales, industrial production, the weekly jobless claims and the consumer sentiment index are scheduled this week. Besides, Moody's Investors Service is conducting a review of banks with the biggest capital-markets operations and has stated that it will announce decisions on credit downgrades this month. All five firms may be downgraded, with Morgan Stanley (MS) facing a three-level cut, as Moody's stated that industry is facing more regulation, weak markets and fragile funding and confidence.
In Europe, the officials have talked about steps including limiting the amount of withdrawals from automated bank machines should Greece opt out of the euro. The finance officials stressed the discussions are so they can be prepared for any outcome, rather than on any expectation that Greece would exit the currency union. Besides, Italy's plan to auction at least 9.5 billion euros of debt this week amid surging bond yields damped investor optimism after Spain had asked for Europe's help to shore up its banks.
The Dow Jones industrial average lost by 142.97 points, or 1.14 percent, to end at 12,411.20. The Standard & Poor's 500 Index lost 16.73 points, or 1.26 percent, to 1,308.93, while the Nasdaq Composite Index was down 48.69 points, or 1.70 percent, to close at 2,809.73.
The Indian ADRs closed in red on Monday; ICICI Bank was down by 1.12%, Dr. Reddy's Lab was down 0.83%, Tata Motors was down by 0.77%, Infosys was down by 0.70% and Wipro was down by 0.27%.
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