Markets Trade in Red

The Global Markets emanate mixed vibes this morning. U.S. stocks retreated, sending benchmark indexes to one-month lows, as a drop in stocks most- tied to economic growth offset a government report showing that sales of new homes rose to the highest level this year. European stocks advanced, with the benchmark Stoxx Europe 600 Index rebounding from a one-month low, as commodities rallied and a report showed that U.S. new- home sales increased more than forecast last month. This morning Asian stocks declined, reversing earlier gains, as chipmakers declined after Applied Materials Inc. forecast profit and sales that missed analysts’ estimates, adding to concern a slower global recovery will reduce earnings. Oil dropped from the highest in almost a week in New York after an industry funded report showed U.S. supplies of gasoline surged in the world’s biggest crude- consuming nation, signaling fuel demand is faltering. Gold fell as prices near the highest level in three weeks prompted some investors to lock in gains. Gold priced in euro’s rose to a record. Copper in London climbed for a second day as banks from Goldman Sachs Group Inc. to JPMorgan Chase & Co. backed the metal’s prospects amid signs of improving demand. Markets opened lower tracking weak Asian peers and losses in realty shares after DLF net profit slipped 19%. The S&P CNX Nifty was down 25 points, at 5,369 and the Sensex was down 82 points, at 17,929. Buying by Foreign Institutional Investors has remained subdued as they bought shares worth only  Rs 188.16 crore yesterday, while they have been net sellers of shares of Rs 5254 crore so far this month. From the broader markets midcap and small cap indices were down 0.3% and 0.1% each. Market breadth was negative, 972 stocks declined for 692 stocks which advanced.