Markets Continue to Trade in Red

The Global Markets trade in a negative territory this morning. U.S. stock futures swung between gains and losses after erasing a decline of as much as 0.7 percent, as speculation Egypt’s unrest would boost energy prices was offset by confidence U.S. earnings will exceed estimates. European stocks retreated this week as escalating protests in Egypt and an unexpected drop in the U.K.’s gross domestic product offset accelerating U.S. economic growth in the fourth quarter. This morning Asian stocks fell, dragging regional benchmark index down to its lowest level this year, on concern tensions will escalate in Egypt after demonstrations against the president continued for a sixth day. In commodities, Oil rose for a second day in New York after unrest in Egypt prompted concern that protests may spread to crude-producing parts of the Middle East. Spot gold climbed for a second day as escalating tensions in Egypt fanned concern that unrest may spread to other parts of the Middle East, increasing demand for an investment haven. Copper climbed, set for a seventh monthly gain, on speculation that demand in China, the world’s largest user, will pick up after the Lunar New Year holiday and as investors sought a hedge against accelerating consumer prices. The Indian markets trade in red this morning taking cues from its global peers. The main draggers are the Teck, IT and Auto indices. Sensex was down 187 points (1.02%) at 18,208. Nifty was down 38 points (0.69%) at 5,474.