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Global banks selling hits European markets; US market open mixed

October 16th, 2008

Global banks going on a selling spree have hit the European markets today with almost all of them reporting down between 3 to 8%. The US markets opened flat and are trading mixed.

OPEC is holding the extraordinary meeting on October 24 instead of the initially scheduled mid-November.

Nokia reported a drop in its profit by 30% during the third quarter. Sales declined by 5%

Fuel Hedging has forced Southwest Air to post its first loss since 1991.

The worst performers of the day include ATX (down over 8%), OSE All Share (down over 7%), BEL-20 (down 6.%), CAC 40, AEX General, MIBTel (all down over 5%)

The US markets opened the day flat. Dow is marginally in the green while NASDAQ is up by about 1.2%. S&P 500 index is down marginally.

Sectors in the green include Technology, Services, Cons. Cyclical while those in the red include Financial, Cons Non-Cyclical and Basic Materials.

Merrill Lynch reports a loss of 4.4 billion pounds, a number that is considered worse than what analysts have expected.

1 U.S. dollar = 48.3792 Indian Rupees
1 U.S. dollar = 100.2606 Japanese Yens
1 U.S. dollar = 0.7466 Euros
1 Ounce Gold = $801.10

Thursday, October 16, 2008 9:55:57 PM IST

Entry Filed under: Global Markets