The Global markets give out mixed cues this morning. U.S. stocks fell, wiping out the 2010 gain for the Standard & Poor’s 500 Index, as Germanys ban on certain bearish investments and a jump in mortgage foreclosures to a record triggered a flight from equities. European stocks retreated for the third time in four days after Germany unilaterally banned some bets against government bonds and financial institutions, sparking concern that regulation will increase. This morning Asian stocks fell, dragging the MSCI Asia Pacific Index down for a fifth straight day, after Japans finance minister warned about continuing deflation and concern grew about Europe’s debt crisis. In commodities, Crude oil gained for a second day in New York as some investors took the view a drop below $70 a barrel made the commodity attractive to buy. Gold gained, rebounding from the steepest loss in more than three months, on speculation that Europe’s fiscal turbulence will continue to fan investor demand for safer assets. Copper and zinc advanced on the London Metal Exchange as Japan’s economy grew at the fastest pace in three quarters. The Indian markets after yesterday’s beating are taking a breather this morning trading in green. The main gainers for the day are the Oil & Gas and PSU indices trading in green more than one and half percentage point. Realty and Metal still remains the main draggers this morning trading in red. Market breadth is positive with 1,292 advances against 1,127 declines. The Sensex trades in green at 16,492.13 gaining 83.64 points or 0.51 percentage points. Nifty trades at 4939.90 gaining 24.40 points or 0.50 percentage points.
Source: Dalal Street Investment Journal
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