World Markets Slide on Growth and Debt Worries
Monday, May 23, 2011 9:35 AM

World Markets were trading sharply lower Monday, on signs of US economic sluggishness and escalating sovereign debt crisis after Italy and Greece slapped with credit downgrades. 

The Asian markets were trading lower with Nikkei 225 losing 146.45 points, or 1.52 percent to 9,460.63 and China’s Shanghai Composite lost 82.94 points, or 2.90 percent to 2,775.52 today. Among other major Asian indexes, Hang Seng was trading lower by 488.37 points, or 2.11 percent, to 22,711.02, while India’s BSE 30 trading at 17,985.05, down 341.04, or 1.86 percent. Singapore’s Straits Times lost 58.06, or 1.83 percent, to 3,110.48 on Monday.

The European market was also trading lower; the biggest loser in the European market was Germany’s DAX, down 132.92, or 1.83 percent, to 7,133.90. Britain’s FTSE 100 lost 101.88 points, or 1.70 percent to 5,847.41, while France’s CAC 40 trading at 3,919.70, down 71.15, or 1.78 percent.

US stock futures also felt the heat from the world market as futures on the Dow Jones Industrial Average fell 129 points, or 1.03 percent to 12,337, while Standard & Poor’s futures lost 13.70 points, or 1.03 percent to 1,314.10. Futures on Nasdaq 100 trading lower by 24.25 points, or 1.03 percent to 2,319.25.

 

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Market news:

  • Ingersoll-Rand Retains Buy Rating at Deutsche Bank Jun 17, 2011 03:00 PM

    As the management of Ingersoll-Rand Co. (NYSE: IR) continues to see a recovery in the US, guided by the light commercial side of the market, analysts at Deutsche Bank reiterated Buy rating on the shares of the former. They set a price target of $58 for the stock.

  • Tyco Retains Buy Rating at DB Jun 17, 2011 03:00 PM

    Analysts at Deutsche Bank maintained Buy rating on the shares of Tyco International Ltd. (NYSE: TYC) as the latter sees a continued momentum in ADT Pulse adoption rates that has moved from 14.5 percent in first quarter of 2011 to 15.5 percent in second quarter of FY2011. They set a price target of $56 for the stock.

  • Parker-Hannifin Maintains Buy Rating at DB Jun 17, 2011 02:30 PM

    Analysts at Deutsche Bank maintained Buy rating on the shares of Parker Hannifin Corp. (NYSE: PH) as it reiterated its 10 percent per annum revenue growth target, with 5 percent from organic growth. They set a price target $103 for the stock.

  • Research in Motion Plunge, Taking Sector Lower Jun 17, 2011 02:15 PM

    Shares of Research in Motion Limited (Nasdaq: RIMM) fell hard on Friday morning as the BlackBerry maker slashed its forecast, pulling the rest of the sector lower.

  • Sears, BJ’s leads Retail Sector Higher Jun 17, 2011 01:40 PM

    The retail sector rose Friday led the rise in stock prices of Sears Holdings Corp. (Nasdaq: SHLD) and BJ’s Wholesale Club Inc. (NYSE: BJ).

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