Market Buzz: Investors yearn for good news
29 Mar, 2012 05:45
Russian markets are likely to continue their downtrend on Thursday amid a lack of positive drivers.
“As our trades closed, the background remains negative, it means we would see stocks opening lower,” says Alexander Baibakin from Nettrader. “Meanwhile some important data will be issued tomorrow including a report on the US labor market and report on the US GDP in 4Q. It could change investor sentiment”Russian stocks dropped burdened by weaker stats from Europe and the US and sliding oil prices. The MICEX fell 2.18% and the RTS declined 3.07%. Energy stocks were among the few gainers: E.ON Rossia added 1.94% and OGK-5 gained 1.87%.European shares closed lower on Wednesday after a choppy session with investor sentiment hit by weak data on durable goods orders in the US and weaker data on the UK economy growth.The Stoxx Europe 600 fell 1.1%, the French CAC 40 and 1.13% and the Greman DAX 40 shed 1.14%.US stocks traded in the red Wednesday as investors were disappointed by a weaker-than-expected report on U.S. durable goods orders. The Commerce Department reported orders for long-lasting goods grew 2.2% in February compared to an estimated 2.9%. Commodities and energy stocks were among decliners, while gold and copper dropping as well. The Dow Jones, the Nasdaq Composite and The S&P 500 all fell 0.5%. A report on the US GDP in 4Q will be published later on Thursday.Asian shares fell Thursday, with commodity firms among decliners around the region after a sell-off for metals and oil during the New York session. Shanghai Composite dropped 0.5% and Hong Kong’s Hang Seng fell 1.1%. Japan’s Nikkei Stock lost 0.8% and the South Korean Kospi shed 1.1%. While Australia’s S&P/ASX 200 slightly dropped 0.1% hanging about a four-month high set in the previous session.