The Before 24.. Global Market News for your next 24.
Asian markets closed mostly positive in their early Monday trading session on news that China’s Premier Wen Jiabo commented that policy easing supporting growth in the country could be the near future. The Shaghai rose 3.78 points and the Nikkei gained 22.58 points. The loser in the region the Hang Seng which was down 29.53 hurt by the losses in the European financials like HSBC and Standard Charter.
European stocks closed down for their worst week in almost eight months. The markets were under pressure from slowing growth in China and continued concern over the fiscal crisis in Europe. Bank stocks rose on Friday as talk of a European ban on short selling arose again after the Thursday downgrade of Spanish banks. A spanish news paper was quoted as saying Spanish Banks were going to ask the Country’s financial regulators to reinstate the ban. A spokesperson for the European Securities and Market association declined comment. Miners and other companies that are heavily exposed to China drove the market losses. Also aiding the down turn a government think tank said on Friday that annual growth could slow to 7.5% in the second quarter due to a curb in the property sector and global headwinds.
Europe started it’s Monday trading session on an up note, bouncing off five month lows, aided by the news from China of possible policy easing.
US stocks closed down for a 6th straight trading session as markets continue to feel the pressure of uncertainty in Europe. The Dow was down 73.11, the Nasdaq lost 34.90, and the S&P down 9.64.
The Facebook IPO was obviously the story of the day. Plagued with issue from the beginning the stock traded along a tight $38.00 range.
Oil prices dipped below $100.00 a barrel closing down $1.00 at $91.59. Oil was down last week by 4.6% suffering its third week of declines. Larger than expected volume of orders and confirmation of purchase to some institutional clients made for a bumpy first day of trading. Zyga the online game maker that uses Facebook technology also had a bumpy ride. Greater than normal trade volume caused the markets internal circuit breakers to shut down trading on several occasions.
Treasury yields were lower as the European Debt crisis caused investors run into safe havens to take shelter.