Public Security chief launches digital vehicle plate wallet service    'Action is in our nature': 4th Saudi Green Initiative Forum to be held at COP16    Pop hit APT too distracting for South Korea's exam-stressed students    Saudi Arabia's inflation rate hits 1.9% in October, the highest in 14 months    Mohammed Al-Habib Real Estate Co. sets Guinness World Record with largest continuous concrete pour    PIF completes largest-ever accelerated bookbuild offering in MENA region    Saudi Arabia signs renewable energy program with Azerbaijan, Kazakhstan and Uzbekistan at COP29    Australia and Saudi Arabia settle for goalless draw in AFC Asian Qualifiers    Human Rights Watch accuses Israel of mass displacement in Gaza amounting to war crime    Thousands of protesters march in Paris ahead of tense football match between France and Israel    Republicans win 218 US House seats, giving Donald Trump control of government    UN sounds alarm at Israel's 'severe violations' at key buffer zone with Syria    Order vs. Morality: Lessons from New York's 1977 Blackout    Saudi, Indian foreign ministers co-chair Cooperation Committee meeting in New Delhi    South Korean actor Song Jae Lim found dead at 39    Don't sit on the toilet for more than 10 minutes, doctors warn    'Marvels of Saudi Orchestra' to dazzle audience in Tokyo on Nov. 22    Saudi Champion Saeed Al-Mouri scores notable feat in Radical World Championship in Abu Dhabi with support from Bin-Shihon Group    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    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 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.


Clic here to read the story from its source.