Markets Trade in Red on Lower IIP numbers

The Global Markets gives out negative clues this morning. U.S. stocks slid, with benchmark indexes falling for the third time this week, after Cisco Systems Inc. and Walt Disney Co. missed analyst estimates and concern over Europe’s debt crisis intensified. Most European stocks fell on concern that some of the region’s most indebted nations will be forced to restructure their finances and as technology shares dropped after Cisco Systems Inc.’s forecasts missed estimates. This morning Asian stocks fell as banks dropped following a report Group of 20 ministers may not exempt Asian lenders from stricter capital requirements, while Chinese shares declined as inflation fueled speculation the country will raise rates. In commodities, Oil declined for the first time in three days on concern the pace of recovery in the U.S., the biggest crude-consuming nation, may falter and as the dollar strengthened against the euro. Gold fell for the first time in three days as concern that some European governments are struggling to finance themselves boosted the dollar against the euro, eroding the metal’s appeal as an alternative asset. Silver, platinum and palladium also declined. Copper declined from a record, trimming a second weekly advance, as some investors deemed the rally excessive on concern that China may step up measures to further tighten its economic policy, potentially curbing demand for industrial metals. Other base metals also dropped. The Indian markets have slumped once again following announcement of the IIP numbers. The main draggers are the Realty and Consumer Durable Indices trading the day with a decline of more than two percentage points. Market breadth is negative with 1,372 advances against 1,401 declines. The Sensex trades in red at 20,407.79 declining 181.30 points or 0.88 percentage points. Nifty trades at 6151.35 declining by 42.90 points or 0.69 percentage points.