Global Shares Slide As US Futures, Dollar Drop
Weakened after Moody’s Ratings downgraded the sovereign credit rating for the country because of its failure to stem a rising tide of debt
Global Shares Slide As US Futures, Dollar Drop
Hong Kong: Global shares fell Monday and US futures and the dollar also weakened after Moody’s Ratings downgraded the sovereign credit rating for the United States because of its failure to stem a rising tide of debt.
The future for the S&P 500 lost 1.2 per cent while that for the Dow Jones Industrial Average fell 0.8 per cent. The US dollar slipped to 144.92 Japanese yen from 145.65 yen. The euro advanced to USD 1.1254 from USD 1.1183. The yield on the 10-year US Treasury was at about 4.54 per cent, up from 4.44 per cent late Friday.
In Europe, Germany’s DAX retreated 0.1 per cent to 23,733.96 while the CAC 40 in Paris lost 0.5 per cent to 7,851.46. Britain’s FTSE 100 declined 0.5 per cent to 8,643.23. Chinese markets fell after the government said retail sales rose 5.1 per cent in April from a year earlier, less than expected. Growth in industrial output slowed to 6.1 per cent year-on-year from 7.7 per cent in March.
That could mean rising inventories if production outpaces demand even more than it already does.
