Friday Brings Fresh Fall To Markets In The East

The Nikki fell 2% in early trading as concerns surfaced over US consumer spending and the outlook on corporate earnings. The index fell through the support level of 9800 and the weekly charts were affected by the appearance of the formation known as the “death cross”.

This formation is normally the precursor to further falls.

The Hang Seng in Hong Kong after an early rise fell back by 0.6% on the day.

Speaking to the BBC in Washington prior to the meeting of the G8 and G20 Tim Geithner, US Treasury Secretary stated that the world could not continue to rely on the US economy. Other major economies must grow more for the world financial climate to improve.

With the markets so jittery over the sovereign debt issues of Portugal, Greece and Spain and increasing belief that a likely correction of the US dollar is in the wind, makes for concerned investors.

Numerous pundits over the last week have altered their attitude to gold and it increases to be a “buy” on many analysts listings.

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Posted by PNeedham on Jun 25 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry