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Market Buzz: Moody’s and manufacturing data upset investors

Market Buzz: Moody’s and manufacturing data upset investors
Russian stocks are likely to open lower on Friday amid pessimistic sentiment at the global floors and news on rating agency Moody’s cutting ratings of 15 major banks.

­Russian stocks closed lower on Thursday after a choppy session with the MICEX losing 0.8% and the RTS declining 1.9%. Meanwhile the shares of Rosneft (+3%), MMK metal company (2.66%) and RusHydro (1.8%) performed well as some major deals were announced at International Economic Forum in St. Petersburg.

European shares declined on Thursday after disappointing data on global manufacturing and ahead of a closely watched independent audit of Spain’s banking. The Stoxx Europe 600 closed 0.5% lower, while the French CAC 40 retreated 0.4% and Germany’s DAX 30 lost 0.77%.

US stocks saw their second worst day in 2012 after HSBC reported a further slowdown in eurozone and Chinese manufacturing. The disappointing data hit commodities, sending Light crude below $80 a barrel and gold prices below $1,600 an ounce. The Dow Jones lost 2%, while the S&P 500 fell 2.2% with energy stocks hit hardest. The Nasdaq Composite declined 2.4%.

Asia markets fell early Friday amid sharp falls on Wall Street and Moody’s downgrade of 15 major world banks. South Korea’s Kospi fell 2.2% and Japan’s Nikkei Stock Average lost 0.4%, while Hong Kong’s Hang Seng Index lost 1 % and Australia’s S&P/ASX 200 shed 1%. China’s Shanghai Composite was closed for a holiday.