• Dangerous games

    Employers' body Neasa is playing a potentially dangerous game, says Terry Bell.

  • Rational thinking

    All players should first consider the net result of their actions, says Leopold Scholtz.

  • Telkom's property poser

    BEE may be hindering Telkom's plans to offload redundant real estate, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Stocks tread water on Bernanke comments

Jun 08 2011 17:10 Reuters

Company Data

IMPALA PLATINUM HOLDINGS LIMITED [JSE:IMP]

Last traded 106.18
Change -3.32
% Change -0.03
Cumulative volume 940837
Market cap 67.13bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

BHP BILLITON PLC [JSE:BIL]

Last traded 368.30
Change -2.05
% Change -0.01
Cumulative volume 918379
Market cap 786.76bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Anglo American Plat Ltd [JSE:AMS]

Last traded 472.00
Change -10
% Change -0.02
Cumulative volume 141801
Market cap 127.29bn

Last Updated: 31/07/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Bernanke comments dampen Asian stocks

Gloomy Bernanke rattles markets

Stocks, oil bounce; US dollar falls broadly

Global markets await Bernanke speech

Commodities lead FTSE lower

Oil rises as Opec talks break down

 

New York - Major stock markets fell on Wednesday and the US dollar hit a one-month low against the yen as investors grew increasingly worried about the implications of a bleak outlook for the global economy.

Crude oil prices rose, reversing earlier losses after Opec talks broke down without reaching an agreement to increase output as Saudi Arabia failed to convince members to lift production.

US Federal Reserve chief Ben Bernanke on Tuesday acknowledged that the US economy had slowed, but offered no hint that the central bank is considering further stimulus to support growth. His comments, combined with recent weak US labour and manufacturing data, stoked fears that a slowdown in the world’s largest economy could dent global growth.

“The question marks regarding the growth dynamics for the global economy are becoming bigger and this is weighing on the markets,” said Tammo Greetfeld, equity strategist at UniCredit.

World stocks as measured by the MSCI world equity index slipped 0.7%. The Thomson Reuters global stock index also lost 0.7%. Emerging market stocks fell 0.8%.

Earlier in the day, South Africa’s benchmark blue chip index fell 1.3% to near a psychologically important level, as investors extended the downtrend that started at the beginning of this month on growing worries about the global economic outlook.

Shares in resource companies such as Anglo Platinum [JSE:AMS], Lonmin [JSE:LON], Impala Platinum Holdings [JSE:IMP] and BHP Billiton [JSE:BIL] were down more than 2% each in a global hit on stocks after Bernanke's comments.

The Dow Jones industrial average was down 0.13% soon after the opening, the Standard & Poor’s 500 Index was down 0.24% and the Nasdaq Composite Index was down 0.56%.

The FTSEurofirst 300 index of top European shares was down 1%, plumbing a two-and-a-half month low and a sixth straight day of losses.

The dollar was last down 0.3% at ¥79.88, after hitting as low as ¥79.67 on Reuters data. Traders said losses picked up speed after a series of automatic sell orders were triggered on the greenback’s drop below ¥80. More “stop-loss” barriers were said to be below ¥79.50.

Data, Greece hit euro

The euro fell 0.4% against the dollar to $1.4626. It also lost 0.7% to ¥116.83.

Weaker-than-expected German data and uncertainty over whether European policymakers will manage to pin down a deal for further financial aid for Greece hampered sentiment.

German exports posted their biggest drop in more than two years in April and industry output fell 0.6%, confounding expectations for an unchanged reading, data showed on Wednesday.

Greece needs substantial fresh aid from the eurozone to avoid the currency bloc’s first state insolvency, a German newspaper reported on Tuesday, citing German Finance Minister Wolfgang Schaeuble.

The cost of insuring Greek and Portuguese debt against default rose, while premium investor demand to hold Greek, Portuguese and Irish government bonds rather than benchmark German Bunds rose.

German government Bunds rose around 13 ticks, though outperformance in US Treasuries overnight saw the yield on 10-year US paper fall to 9 basis points below that of Bunds.

US benchmark Treasury yields fell back below the key 3% level as worries over the tepid pace of economic growth spurred investors to buy into lower-risk assets.

Yields on 10-year notes were last at 2.98%, down from 3.00% late on Tuesday. 

opec  |  wall street  |  commodities  |  markets  |  oil  |  us economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

No need to keep up with the Joneses

Fin24 users provide their own personal tips on how to save money instead of trying to keep up with the Joneses.

 
 

Start saving...

Where can you stash your cash?
Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...