Market News Asian stocks dropped, extending the biggest global rout in six months that saw the Dow Jones Industrial Average wipe out this year’s gains in one session amid weaker earnings and credit-market concerns. Overnight, U.S. stocks dropped on concerns that labor costs are on the rise in the U.S. while fears that Argentinas default on its debts may roil markets with contagion fears adding to the sell off. The Dow 30 fell 1.88%, the S&P 500 index fell 2.00%, while the NASDAQ Composite index fell 2.09%. On Friday, markets will move on the U.S. non farm payrolls and the unemployment reports, while the Institute of Supply Management is to release data on manufacturing activity. The Japanese yen weakened further in Asia on Friday and the Australian dollar eased after data sets that painted a mixed picture of the regional economy. USD/JPY traded at 102.90, up 0.10%, while AUD/USD traded at 0.9288, down 0.07%. The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% at 81.57 Capping the dollars advance, however, were concerns that ongoing U.S.-European tensions with Russia over Ukraine will dampen global recovery. Crude oil prices continued to fall in Asia on Friday with demand seen lagging global supplies though geopolitical events offer a floor. Crude oil for delivery in September traded at $97.77 a barrel, down 0.41%, after hitting an overnight session low of $97.96 a barrel and a high of $99.84 a barrel. Gold prices rose in Asia on Friday as buyers took advantage of recent declines to snap up supplies. Gold futures for December delivery traded at $1,283.90 a troy ounce, up 0.09%.
Posted on: Fri, 01 Aug 2014 16:56:33 +0000
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