Markets Trade in Red Extending Yesterday's Losses

The Global Markets trade in a negative territory this morning. U.S. stocks retreated, sending the Standard & Poor’s 500 Index lower for a second straight day, as declines in oil and gold prices drove commodity producers down and Sears Holdings Corp. led a drop in retailers. European stocks declined, snapping the Stoxx Europe 600 Index’s longest winning streak in 10 months, as energy companies fell with oil and automakers slid after a report stoked speculation Germany may raise company-car taxes. Asian stocks declined, with a regional benchmark index heading for a two-week low, as raw material producers fell and companies from Westpac Banking Corp. to Chimei Innolux Corp. posted earnings that missed analysts’ estimates. In commodities, Oil declined for a third day in New York, the longest losing streak since March, on concern demand will weaken as crude stockpiles rise and job growth slows in the U.S., the world’s biggest consumer of the commodity. Silver futures fell for a third day, set for the worst run since January, as an increase in margin requirements on the Comex drove investors away. Gold may also extend its drop into a third day. Copper declined in London, falling for the fourth time in five days, on concern about the strength of demand in China, the biggest user, amid high inventories. Indian markets after testing 5500 levels in Nifty in the opening trades it recoverd 36 points from day's low as buying emerged in frontline banking counters. State Bank of India, HDFC Bank and Axis Bank which were battered yesterday lifted the Nifty index to 5539 level, down 26 points and the benchmark Sensex was down 78 points, at 18,455.