Wall Street opened in red on Tuesday

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Source: Dukascopy Bank SA
© Scanpix/Reuters
US stocks plunged during Tuesday's risk-off trading after Moody's downgraded credit rating on five Spain's regions. The market sentiment was also dampened by weak corporate results of the S&P 500 majors. Meanwhile, investors remained cautious ahead of the FOMC meeting and flesh PMI readings due later in the week. The S&P 500 Index tumbled 1.44% to close at 1,413.11. All sectors within the index plunged. On the upside, Coach jumped 7.35% after reporting upbeat quarterly results. The top-losers were basic materials and oil and gas companies. Producers of basic materials were sharply lower after El du Pont de Nemours reported worse-than-expected profits. Shares of Allegheny Technologies, Cliffs Natural Resources and Ecolab declined by 3.95%, 3.20% and 0.80%, respectively. Among energy companies, Anadarko Petroleum and Cameron International shed 3.31% and 2.38% amid uncertainty over energy demand. Xerox fell 5.12% after warning that difficult economic conditions are creating heavy cost pressure on global enterprises.
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Wed, 24 Oct 2012 07:43:43 GMT

French manufacturing PMI decline eases in October

French manufacturing sector declined at a lower rate in October, the flash survey by Markit Economics showed on Wednesday. The PMI advanced to 43.5, compared to 42.7 in September. Economists estimated a reading of 44. The factory output index rose to 41.6 from 39.4 in the previous month.Service sector activity also posted slower contraction in October, with corresponding index jumping

Wed, 24 Oct 2012 09:19:44 GMT

Sugar fell as global supply glut is set to rise

Rural commodities retreated on Tuesday as gloomy global outlook weighted on demand for riskier assets. Adding to the negative mood of the commodities, US Dollar was sharply higher on Tuesday, making dollar-denominated assets more expensive for foreign investors.Wheat lost more than on per cent, posting the largest drop in a week on signs that demand for US supplies is softening.

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