Markets Trade in Red

The Global Markets trade in a mixed territory this morning. U.S. stocks rose, extending the second straight monthly gain for the Standard & Poor’s 500 Index, as businesses expanded at the fastest pace since 1988 and consumer spending and Exxon Mobil Corp.’s profit beat estimates. Most European stocks dropped, extending two weeks of losses, as anti government protests rocked Egypt for a seventh day, causing airline and travel company shares to fall. This morning Asian stocks rose for the first time in three days as earnings improved, higher oil and metal prices boosted commodity companies and U.S. consumer spending climbed. In commodities, Oil dropped from a two-year high in New York as signs of slowing economic growth in China prompted traders to sell contracts after the biggest two-day rally since May. Brent crude traded above $100 a barrel for a second day. Gold fell in New York, capping the worst start to a year since 1997, on speculation that an improving economy will erode demand for the precious metal as an alternative investment. Copper and tin jumped to records as a drop in global stockpiles signaled demand is improving amid expectations for a shortage in supplies. Nickel climbed to a nine-month high. The Indian markets trade in red this morning. All the sectoral indices trade in red this morning. FMCG and IT were the main draggers this day. The Sensex trades in red at 18104 declining by 223 points or 1.22 per cent and the Nifty trades at 5436 declining by 69 points or 1.26 per cent.