Franchise registrations in Saudi Arabia surge 866% over 3 years    Lulu Saudi Arabia celebrates its 15th anniversary with the grand launch of 'Super Fest 2024'    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Culture minister tours Saudi pavilion at Expo 2025 Osaka    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Saud Abdulhamid makes history as first Saudi player in Serie A    Saudi Cabinet to hold special budget session on Tuesday    King Salman orders extension of Citizen's Account Program and additional support for a full year    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Several dead as Storm Bert wreaks havoc across Britain    Irish PM apologizes for walking away from care worker    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    Ukraine losing ground in Russia's Kursk region, says military source    Do cigarettes belong in a museum?    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



World stocks head south on waning economic optimism
Published in The Saudi Gazette on 11 - 07 - 2009

World stock markets fell modestly Friday after a survey showed US consumer confidence falling to its lowest level since March and amid ongoing worries that the US second-quarter earnings reporting season will disappoint.
Stocks zigzagged during the week, failing to hold what few gains they could muster. The Dow Jones industrials and the Standard and Poor's 500 index have now fallen four straight weeks.
The Dow Jones industrial average fell 36.65, or 0.5 percent, to 8,146.52. The Standard and amp; Poor's 500 index lost 3.55, or 0.4 percent, to 879.13, while the Nasdaq composite index rose 3.48, or 0.2 percent, to 1,756.03. A handful of upgrades to technology shares helped shore up the Nasdaq.
For the week, the Dow lost 1.6 percent, the S and P 500 index slide 1.9 percent and the Nasdaq lost 2.3 percent.
Investors have sent major indexes down about 7 percent since mid-June on the belief that a more than 40 percent run-up in stocks this spring was unwarranted considering the problems that still plague the economy such as rising unemployment.
Bond prices rose, sending their yields lower. The yield on the benchmark 10-year Treasury note, a widely used benchmark for consumer loans such as mortgages, fell to 3.30 percent from 3.41 percent late Thursday.
In other trading, the Russell 2000 index of smaller companies rose 1.71, or 0.4 percent, to 480.98.
Declining stocks narrowly outpaced those that rose on the New York Stock Exchange, where volume came to a light 922.1 million shares compared with 1 billion shares Thursday.
In Europe, the FTSE 100 index of leading British shares was down 6.37 points, or 0.2 percent, at 4,152.29 while Germany's DAX fell 8.91 points, or 0.2 percent, to 4,621.16. The CAC-40 in France was 13.80 points, or 0.5 percent, lower at 3,012.14. Earlier in Asia, markets gyrated throughout the day before edging down. Japan's Nikkei index notched up its eighth straight loss, closing 3.78 points lower to 9,287.28.
Key over the coming days and even weeks could be the second-quarter earnings reporting season in the US as it will provide clues about whether companies have already seen the worst of the recession or whether they are still struggling in the first synchronized global economic downturn since WWII.
“Stock market investors seem happy to continue playing a wait and see game at the moment as the US earnings season rolls on,” said David Jones, chief market strategist at IG Index.
“After the sharp gains seen following the March bounce back, there is a real reluctance to commit any further to equities at these levels, so it would not be surprising for this drift in stock markets to continue,” he added.
Elsewhere in Asia, Hong Kong's Hang Seng fell 82.17, or 0.5 percent, to 17,708.42. South Korea's Kospi fell 0.2 percent and Shanghai's index shed 0.3 percent.
However, Australia's index gained 0.8 percent and Singapore's market fell 0.2 percent.
The dollar fell 0.7 percent to 92.41 yen while euro was 0.5 percent down at $1.3942.


Clic here to read the story from its source.