Bourse

Home page

Bourse

World market indices drop

16 June 2009 08:28 (UTC +04:00)

Baku- APA-Economics. U.S. investors joined traders overseas in worrying that a three-month surge in stocks might be overdone, AP reported.
Stocks fell in Europe and Asia on Monday, sending U.S. stock futures sharply lower. Futures extended their slide after an index of manufacturing in New York indicated that demand weakened in June from May.
The drop comes as the Standard & Poor’s index is up 39.9 percent since skidding to a 12-year low on March 9. The market’s advance slowed last week as traders looked without much success for fresh signs the economy was strengthening.
The dollar rose against other most other major currencies following comments from Russia’s finance minister. The stronger dollar pushed down oil prices. A run-up in oil has helped lift energy and materials stocks in recent weeks.
Dow Jones industrial average futures fell 100, or 1.1 percent, to 8,690. Standard & Poor’s 500 index futures fell 10.20, or 1.1 percent, to 930.50, while Nasdaq 100 index futures fell 13.25, or 0.9 percent, to 1,472.25.
Overseas, Japan’s Nikkei stock average fell 1 percent. In afternoon trading, Britain’s FTSE 100 fell 1.7 percent, Germany’s DAX index 2.2 percent, and France’s CAC-40 1.7 percent.
The dollar was higher against most other major currencies, while gold prices fell.
Light, sweet crude fell 62 cents to $71.42 per barrel in electronic trading on the New York Mercantile Exchange.
Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.75 percent from 3.80 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.17 percent from 0.16 percent Friday.