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May 18, 2012, 11.45 AM IST
Global markets were under pressure due to eurozone newsflow. Moody’s cut 16 Spanish bank ratings by 1-3 notches including EU’s largest Banco Santander.
By Gautam Broker, Research Analyst at CNBC-TV18
**Day of heavy risk off led by European Union newsflow
Spanish banks were in focus; reports suggested that there was huge deposit outflow by customers hoarding Euro
Spain denied reports of euro 1 billion outflow from Bankia since nationalization but market was not convinced
Moody’s cut 16 Spanish bank ratings by 1-3 notches including EU’s largest Banco Santander
Spanish yields jumped to 6.25%. Market experts now feel the bond slide could see yields moving to 7%
Fitch downgraded Greece to CCC from B-. Rating agency sees heightened risk of Greece exiting Euro
US Economic data was not supportive either; Philadelphia Fed Index for May came in at negative 5.8% as against positive 8.5% MoM, lowest since September 2011
Jobless claims for last week came in at 3,70,000 - stable MoM but were slightly weaker than consensus.
European markets at close on Thursday: DAX, FTSE and CAC tanked 1.2% each. Italy was down 1.5% and Spain fell 1.1%
Facebook IPO lists today. The issue priced at USD 38 a share yesterday
Kospi and Nikkei went down over 2%.
Hang Seng and Taiwan dropped over 1.5%
Straits Times was down 1.5% and Shanghai lost 0.8%
SGX Nifty slipped 1.4% to 4,775
Euro hit low of 1.2661 to the dollar as against 1.2681 yesterday
Brent crude lost 2% to close at USD 107.5/barrel yesterday
Gold rebounded 2% from Wednesday low of USD 1527/ounce yesterday. It is currently at USD 1575/ounce
Copper was mildly negative yesterday
Data to watch out for
China housing data
CFTC trader data (US)
Jun 19 2013, 16:41
- in FII View
Jun 19 2013, 12:44
- in MARKET OUTLOOK