Global markets down on Greek woes; Asia falls

By Gautam Broker, Research Analyst at CNBC-TV18

Global markets were down on fears over a Greek default and amid economic growth concerns on Tuesday. The Dow Jones Industrial Average slipped 1.57% or 203.66 points at 12759.15.

Nasdaq Composite was down 1.36% or 40.16 points at 2910.32. Standard & Poor's 500 shed 1.54% or 20.97 points at 1343.36.

European markets like France's CAC and Germany's DAX crashed 3.5% while Britain's FTSE fell 1.9%.

Now focus is on Greece again as PSI deal nears deadline. Some bondholders are still rejecting offer. If Greece fails to close deal by Thursday, then it may mean default on March 20. Participation of less than 66% will mean deal failure.

Eurozone data

Eurozone Q4 GDP came in at negative 0.3%. Most economies except France contracted in Q4.

EM growth worries

Brazil reported 2.7% growth in 2011

Asia today

Hang Seng, Straits Times, Nikkei and Kospi were down 0.4-0.8%. Shanghai and Taiwan Weighted were marginally lower.

Currencies

Euro has settled well below 1.32 to the dollar now.

Dollar Index was marginally down today.

Commodities

Dollar and growth concerns weighed on commodities. CRB Index was down 1.6%.
 
Six major nations agreed to talk to Iran on nuclear issues.
 
Brent Crude was down below USD 122/barrel and WTI crude settled at USD 104.7 a barrel on Tuesday.

Gold was down 2% on heavy volumes and was trading below 200 DMA.

LME Copper was down by USD 200/tonne to below USD 8300/tonne.

Watch out for

US ADP employment survey (February)

Germany manufacturing orders (January)

Brazil monetary policy decision