(RTTNews.com) - The French market is in negative territory on Wednesday, as worries about the fiscal cliff in the U.S. escalated with the remarks of Senate Majority Leader Harry Reid on Tuesday.
The Asian markets fell, taking cues from Wall Street overnight.
Tuesday, Senate Majority Leader Harry Reid, D-Nev., said lawmakers have made "little progress" on addressing the fiscal cliff, while his Republican counterpart Mitch McConnell, R-Ken., accused Democrats of remaining in campaign mode.
Without action by Congress, approximately $600 billion in automatic tax increases and government spending cuts are currently due to go into effect at the end of the year.
A number of economists have warned that going over the fiscal cliff could push the U.S. economy back into recession.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.52 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.34 percent.
The CAC 40 index is currently losing 0.5 percent. Lafarge is dropping 2.2 percent. Berenberg cut the stock to ''Hold'' from ''Buy.''
STMicroelectronics is losing 2 percent and carmaker Renault is falling 1.8 percent. Lenders BNP Paribas, Societe Generale and Credit Agricole are falling between 1.8 percent and 1.2 percent.
UBS added Alcatel Lucent to ''Least Preferred List'' in telecom equipment.
The stock is up 0.6 percent. EADS is climbing 1.9 percent and Veolia Environnement is advancing 1.6 percent.
Elsewhere in Europe, the German DAX is declining 0.2 percent and the UK's FTSE 100 is losing 0.4 percent. Switzerland's SMI is, however, up marginally.
At 8.00 am ET, Destatis is slated to release inflation figures for November, which may influence trading. Germany's EU harmonized inflation is seen slowing to 2 percent from 2.1 percent in October.
Consumer price inflation is forecast to fall to 1.9 percent from 2 percent last month. Across Asia/Pacific, Australia's All Ordinaries fell 0.2 percent, China's Shanghai Composite Index dropped 0.9 percent and Hong Kong's Hang Seng declined 0.6 percent.
Japan's Nikkei 225 lost 1.2 percent on the day. In the U.S., futures point to a lower open on Wall Street. In the previous session, uncertainty about the looming fiscal cliff continued to weigh on the markets despite the release of a batch of upbeat U.S. economic data.
The major averages closed firmly in negative territory. The Dow fell 0.7 percent, the Nasdaq slipped 0.3 percent and the S&P 500 dropped 0.5 percent.
Among commodities, crude for January delivery is losing $0.07 to $87.11 per barrel while December gold is falling $4.3 at $1738.0 a troy ounce.
In the commodity space, crude for January delivery is falling $0.22 to $86.96 per barrel and December gold is losing $2.3 to $1740.0 a troy ounce.
nasdaq.com
The Asian markets fell, taking cues from Wall Street overnight.
Tuesday, Senate Majority Leader Harry Reid, D-Nev., said lawmakers have made "little progress" on addressing the fiscal cliff, while his Republican counterpart Mitch McConnell, R-Ken., accused Democrats of remaining in campaign mode.
Without action by Congress, approximately $600 billion in automatic tax increases and government spending cuts are currently due to go into effect at the end of the year.
A number of economists have warned that going over the fiscal cliff could push the U.S. economy back into recession.
The Euro Stoxx 50 index of eurozone bluechip stocks is losing 0.52 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is falling 0.34 percent.
The CAC 40 index is currently losing 0.5 percent. Lafarge is dropping 2.2 percent. Berenberg cut the stock to ''Hold'' from ''Buy.''
STMicroelectronics is losing 2 percent and carmaker Renault is falling 1.8 percent. Lenders BNP Paribas, Societe Generale and Credit Agricole are falling between 1.8 percent and 1.2 percent.
UBS added Alcatel Lucent to ''Least Preferred List'' in telecom equipment.
The stock is up 0.6 percent. EADS is climbing 1.9 percent and Veolia Environnement is advancing 1.6 percent.
Elsewhere in Europe, the German DAX is declining 0.2 percent and the UK's FTSE 100 is losing 0.4 percent. Switzerland's SMI is, however, up marginally.
At 8.00 am ET, Destatis is slated to release inflation figures for November, which may influence trading. Germany's EU harmonized inflation is seen slowing to 2 percent from 2.1 percent in October.
Consumer price inflation is forecast to fall to 1.9 percent from 2 percent last month. Across Asia/Pacific, Australia's All Ordinaries fell 0.2 percent, China's Shanghai Composite Index dropped 0.9 percent and Hong Kong's Hang Seng declined 0.6 percent.
Japan's Nikkei 225 lost 1.2 percent on the day. In the U.S., futures point to a lower open on Wall Street. In the previous session, uncertainty about the looming fiscal cliff continued to weigh on the markets despite the release of a batch of upbeat U.S. economic data.
The major averages closed firmly in negative territory. The Dow fell 0.7 percent, the Nasdaq slipped 0.3 percent and the S&P 500 dropped 0.5 percent.
Among commodities, crude for January delivery is losing $0.07 to $87.11 per barrel while December gold is falling $4.3 at $1738.0 a troy ounce.
In the commodity space, crude for January delivery is falling $0.22 to $86.96 per barrel and December gold is losing $2.3 to $1740.0 a troy ounce.
nasdaq.com
No comments:
Post a Comment