Stocks retreated broadly on Friday, with the Dow ending below 12,000 for the first time since March 18 and the Nasdaq erasing all of its gains for the year.
DJ and S&P continue to slide for the six consecutive weeks, its longest weekly slump since the fall of 2002.
The pressure points for the Dow’s slump included concern that China’s high-powered export economy could be slowing and a growing sense that Europe will be unable to reach a consensus on how to end the Greek debt crisis that has troubled markets for more than a year.
In the United States, a rash of sluggish indicators — especially related to the job market, manufacturing, consumer confidence and home sales — has economists worried about a stalled recovery. The nervousness was heightened this week when the Federal Reserve chairman, Ben S. Bernanke, said the economic recovery remained uneven but did not say the Fed would continue to intervene. Investor enthusiasm has cooled with signals from the Fed that it will end its purchase of $600 billion dollars in Treasury securities at the end of June. (New York Times, Graham Bowley)
USD likely to gain strength in short term while commodities currencies will dip alongside with energy, agri/soft and metal commodities.
DJ and S&P continue to slide for the six consecutive weeks, its longest weekly slump since the fall of 2002.
The pressure points for the Dow’s slump included concern that China’s high-powered export economy could be slowing and a growing sense that Europe will be unable to reach a consensus on how to end the Greek debt crisis that has troubled markets for more than a year.
In the United States, a rash of sluggish indicators — especially related to the job market, manufacturing, consumer confidence and home sales — has economists worried about a stalled recovery. The nervousness was heightened this week when the Federal Reserve chairman, Ben S. Bernanke, said the economic recovery remained uneven but did not say the Fed would continue to intervene. Investor enthusiasm has cooled with signals from the Fed that it will end its purchase of $600 billion dollars in Treasury securities at the end of June. (New York Times, Graham Bowley)
USD likely to gain strength in short term while commodities currencies will dip alongside with energy, agri/soft and metal commodities.
Friends ask of my opinion on MSM IPO: My take.......
I love commodity stocks but I think MSM is priced on the high side w/ EPS of 2008, 2009, 2010 at 17 sen, 33.8 sen and 33.1 sen respectively. Don't know their dividend policy.
Honestly doubt their ability to do the regional expansion/acqusition in the footsteps of R.Kuok's Wilmar/PPB. I prefer to watch the price action on the open market for a whole month and take a position if/when the picture is clearer.
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