Market Buzz: Longing for a feel-good factor
Russian indices closed in positive territory Friday, boosted by commodities and automakers. The MICEX added 0.36% and the RTS gained 0.15%.
Continued uncertainty about Spain’s finances and the country’s looming bailout pushed down European stock markets on Friday. The Stoxx Europe 600 dropped 1.2%. The IBEX 35 index dropped 1.3%, led by banking shares – an independent crash test revealed that Spanish banks require around 60 billion euros to recapitalize. France’s CAC 40 dropped 2.5% after the government announced a tough 2013 budget aimed at 30 billion euros in austerity savings.
US stocks fell Friday after a review of business activity in the Midwest showed unexpected contractions. The Dow Jones fell 0.4%, the S&P 500 lost 0.5% and the Nasdaq Composite shed 0.7%.
Japanese shares also ended in the red Monday after the Bank of Japan's quarterly Tankan survey showed a downturn in business sentiment among large manufacturers. Weak manufacturing activity in China, Japan's biggest export market, also dented confidence. The Nikkei declined 1.1%. Markets in Shanghai, Hong Kong and Seoul were closed for a holiday.