Markets Trade in Red

The Global Markets trade in a negative territory this morning. U.S. stocks advanced for the sixth straight week, the longest streak since April, as stronger-than- estimated employment and service sector data lifted confidence in the world’s largest economy. European stocks declined for the first time this week after a U.S. report showed the world’s largest economy added fewer jobs than forecast, even as the unemployment rate dropped to a 20-month low. This morning Asian stocks fluctuated as Australian insurers dropped as flooding in Australia worsened and energy producers advanced after crude oil futures increased. In commodities, Oil climbed for the first time in three days after an Alaskan crude pipeline was shut following a leak and a government report showed a decline in the jobless rate in the U.S., the worlds biggest oil user. Gold may advance after the biggest weekly drop since May as concerns that Europe’s sovereign-debt crisis may worsen spur demand for a haven. Silver, platinum and palladium climbed. Copper in London dropped for a fifth day, erasing gains in early Asian trading, on speculation China may further tighten monetary policy, dimming the demand outlook in the world’s largest metals user. Markets recovered from the day’s low but were trading in the red. The Sensex dropped to a low of 19,547 on weak cues from Asian markets. The index recovered somewhat and was down 54 points at 19,638. The Nifty was down 17 points at 5,888. Sentiments in India were already down after WPI Inflation surged to the highest in a year lat week.