US initial jobless claims @ 26-year high

US markets ended down as uncertainty looms over auto bailout package, initial jobless claims at 26-year high and trade deficit grew by 1.1%. Dollar decline continued to support gains in commodities. Crude surged 10% and dollar is at 2-month low versus Euro.
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Home » News » Markets » International Markets

Dec 12, 2008, 10.02 AM | Source: CNBC-TV18

US initial jobless claims @ 26-year high

US markets ended down as uncertainty looms over auto bailout package, initial jobless claims at 26-year high and trade deficit grew by 1.1%. Dollar decline continued to support gains in commodities. Crude surged 10% and dollar is at 2-month low versus Euro.

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US initial jobless claims @ 26-year high

US markets ended down as uncertainty looms over auto bailout package, initial jobless claims at 26-year high and trade deficit grew by 1.1%. Dollar decline continued to support gains in commodities. Crude surged 10% and dollar is at 2-month low versus Euro.

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Here is a transcript of Varinder Bansal's comments on CNBC-TV18. Also watch the accompanying video.

US markets ended down as uncertainty looms over auto bailout package, initial jobless claims at 26-year high and trade deficit grew by 1.1%. Dollar decline continued to support gains in commodities. Crude surged 10% and dollar is at 2-month low versus Euro.

The Dow Jones Industrial Average ended down 196 points or 2.2% at 8,565 and Nasdaq ended down 57.6 points or 3.7% at 1,508.  S&P 500 closed down 26 points or 2.85% at 874. NYSE Financial ended down 5.5%.

Initial jobless claims for the week ended December 6 increased by 58,000 to 573,000. US October trade deficit climbed to $57.2 billion from $56.6 billion. US foreclosure filings climbed 28% in November (YoY) while down 7% (QoQ). US November retail sales excluding autos posted biggest drop in last 5 years according to SpendingPulse.

Asian stocks ended 5-day winning streak and are trading weak. Hang Seng fell 2.5%. Shanghai and Nikkei lost 1.5%, andtraits Times down 1.2%. Kospi and Taiwan fell 0.5%.

Among the emerging markets, Brazil lost 1.2% while Russia up 2.16%.

European markets closed mixed yesterday. CAC was down 0.5% and DAX down 0.8%. However, FTSE gained 0.5%. CBOE VIX ended flat at 55.8.

Global Movers & Shakers

JPMorgan ends down 11%; CEO Dimon told CNBC that the bank had a "terrible" November and December

Bank of America ends down 10.6%, Citigroup fell 8.8%, American Express down 6.6%

US Bancorp ends down 10.2% after the bank warned that the 4Q is likely to bring a jump in bad loans

Auto stocks: General Motors ends down 10.5%, Ford down 10.8%

Real estate co: Developers Diversified Realty dropped 20%, Prologis, the largest warehouse owner, slumped 25%

Chevron ends up 1.5% as crude rallied 10%

European markets: Cairn Energy up 12%, Tullow Oil up 20%, BP up 4.8%

US Stocks in News

Bank of America to cut 30,000-35,000 jobs over the next 3 years

Global Stocks in News

Bank of Korea says that the 2009 economy will grow 2% from an earlier estimated of 3.7%

ArcelorMittal South Africa to cut 1,000 contractor jobs, reduce 2009 capital expenditure by over 50%

Commodities

CRB Commodity Index advanced over 4% yesterday

Crude oil ends surged nearly 10% at around $47.5/bbl on talks that OPEC to cut production on Dec 17

Gold trades at 8 week highs; gained $20 at $820/ounce

Gold had gained nearly 10% in the current week

Base metal continue to gain on depreciating dollar

Nickel trades at 4 week highs, had gained nearly 23% this week

Currencies

Dollar trading near 2-month low against major currencies; headed for its biggest weekly decline in 8 years against the euro

Dollar depreciates nearly 2% against Euro at 1.3322/Euro

Yen depreciates 85 bps at 91.66/$

Won appreciates 2.7% against dollar

Goldman cuts dollar forecast to $1.45 per euro and 90 yen, from $1.3356 and 91.39 yen

Data To Watch

Auto package in focus: final decision expected today

US Nov PPI

US Nov Retail Sales

US Business Inventory

US Consumer Sentiment Index

Japan Ind Production

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