Dynamic Wealth: Stocks Set For Lower Open As Debt Fears Hit The Market With IBM and Abbott Laboratories On The Move

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 12, 2011 -- http://www.marketintelligencecenter.com/newsbites/1287668

First look… Stock futures pointed to a weaker start this morning, following losses across Europe and Asia, with earnings from International Business Machines (IBM) among the highlights to come after the market closes. Asian stock markets ended mostly lower Monday as concerns over U.S. and European sovereign-debt issues kept investors wary. A number of shares in the region fell on company or stock specific news or worries.

Decliners included Citic Pacific, which tumbled 8.5% in Hong Kong after the company informed the stock exchange of a delay in production at its iron-ore mine in Australia, to the first half of 2012 from late 2011. The drop came after Goldman Sachs lowered its earnings estimates for the company and downgraded the stock to Neutral from Buy. European stock markets finished lower on Friday after a report showed a big drop in U.S. consumer sentiment. The results of the latest European bank stress tests were released after the markets closed. Downbeat U.S. economic data overshadowed strong corporate earnings from companies such as Citigroup.

The Thomson Reuters/University of Michigan index of consumer sentiment fell sharply in July, souring the mood of investors. Banking shares fell ahead of the stress-test announcement. Among the biggest decliners in Europe was Temenos Group. The shares tumbled 20% in Zurich after the provider of banking-software systems lowered its full-year license outlook, saying banks face uncertainty and are unwilling to make decisions about large capital projects. Markets at the core of the euro-zone debt crisis posted steeper losses than others. Eight of the ten Asian/pacific markets we watch are down.

The FTSE Bursa Malaysia KLCI is down 0.93%. The Japan Nikkei 225 is up 0.39%. All of the ten European markets we watch are down. The Borsa Italiana is down 1.76%. The OSE Norway All Share is down 1.03%. In pre-market trading Huntington Bancshares (HBAN), Newmont Mining (NEM), Halliburton (HAL), Goodyear (GT) and EOG Resources(EOG) are up, while Abbott Laboratories (ABT), Clorox (CLX), News Corp (NWSA), Carnival (CCL) and Peabody Energy (BTU) are down.

Asset and Other Financial Advi     asset management     dynamic wealth management     hedge funds articles     News Articles and Latest Econo     retirement funds