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US markets closes in green; Mixed morning for the Asian markets

October 17th, 2008

Few positive Quarterly results, particularly of Google, has made the US markets to close in green. However, recession fears are still haunting the Asian stock markets that have opened the Friday morning with a mixed note.

The US Stock market indices have progressively have moved into the positive territory after having a short downtrend in the trades yesterday. Dow is up 4.68%. NASDAQ is up 5.49% and S&P 500 is up 4.25%.

Investors says most of the G7 countries are in recession and this is of concern to the not just the G7 but for the global economy. The present recession feares are the worst since 1970’s. The US and European Union members are meeting to access the current financial turmoil and to plan steps to come out of the situation as soon as possible. US Banks are said to be borrowing a record $437.5 billion per day from Fed.

Google continued to surprise with its profit announcements. The internet search engine gaint reported $1.35 billion profits for the third quarter, up 26% from a year ago. The company is said to have cut down its spending on data centers and new hires and that new recruitments henceforth will be done ‘responsibly’.

The Asian markets are trading mixed and cautiously. Nikkei 225, NZSE 50 and Shanghai Composite are in the green by about 1% whule All Ordinaries, Jakarta Composite, KLSE Composite and Taiwan Weighted index are in the red. The JGB futures have hit 3-month low as Nikkei rebounds.

1 U.S. dollar = 48.4308 Indian Rupees
1 U.S. dollar = 101.1326 Japanese Yens
1 U.S. dollar = 0.7426 Euros
1 Ounce Gold = $806.50

Friday, October 17, 2008 9:54:08 AM IST

Entry Filed under: Equity Markets, Global Markets