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World stocks tumble, dollar steady
Published in Saudi Press Agency on 02 - 10 - 2009


Equity markets across the globe
tumbled and the U.S. dollar broadly held firm on Friday as
doubts grew about the pace of economic recovery and the week's
major data on U.S. jobs loomed large, according to Reuters.
European shares hit a four-week low, following steep losses
in Asia and on Wall Street overnight as investors moved to the
relative safely of bonds.
Markets were on edge ahead of U.S. non-farm payrolls, due at
1230 GMT, fearing more disappointing news after a report on
Thursday showed U.S. manufacturing growth was slower than
expected in September.
"(The weak U.S. data from Thursday) is confirming doubts
that improvements in underlying economies may not be
supportive," said Grahame Exton, fund manager at Tilney
Investment Management.
European shares fell 1.2 percent by midday trade. The index,
which posted its best quarterly performance in nearly 10 years
in the last quarter, was on track for a third day of losses.
The MSCI world equity index was down 0.95 percent at 278.88.
It fell for a second straight day after rising 17 percent in the
third quarter which ended Wednesday.
U.S. stock futures were also lower, pointing to a weaker
start on Wall Street on Friday, after the Dow Jones industrial
average and the S&P 500 suffered their worst one-day fall in
three months the previous day.
Tokyo's Nikkei average hit a two-month closing low on
Friday, down 2.5 percent. It slid 5.2 percent on the week for
its biggest weekly drop in about three months.
Trade across Asia was quieter than usual with markets in
China, India and South Korea closed for public holidays.
Euro zone government bond prices rose, pushing longer-dated
yields to five-month lows. U.S. Treasuries also gained, with the
yield on benchmark 10-year notes falling to 3.16 percent, their
lowest in more than four months and down 2 basis points from
late U.S. trade.
The dollar index, which tracks the performance of the
greenback versus a basket of six other major currencies, held
steady above 77.
"For today, it's all about being square, not being too
aggressive on positioning," said Roberto Mialich, FX strategist
at Unicredit in Milan, adding that the dollar will "perversely"
benefit from falling U.S. stocks and weak jobs data.
But the currency market also remained wary on expectations
the Group of Seven finance chiefs, who meet in Istanbul this
weekend, would repeat its call to rebalance the world economy --
a process which will likely involve a weaker dollar.
Economists polled by Reuters estimate the U.S. economy shed
180,000 jobs in September, fewer than the 216,000 jobs lost in
August, while unemployment rose to 9.8 percent in September from
9.7 percent in August.
Goldman Sachs called for even bigger job losses on Thursday,
saying it now sees non-farm payrolls falling 250,000 from its
previous estimate of 200,000 after recent weak data.
A figure out of line with forecasts either way is likely to
have dramatic market impact.
U.S. crude oil futures fell more than one percent below $70
a barrel as worries over the West's talks with Iran about the
OPEC member's nuclear plans eased.
Gold was steady, hovering just under $1,000 an ounce.


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