Markets Trade in Red

The Global Markets emanate mixed vibes this morning. U.S. stocks fell, dragging the Standard & Poor’s 500 Index lower for a fourth day, as lawmakers indicated they were no closer to reaching an agreement to increase the debt ceiling and avoid default. Most European stocks declined as companies from Volkswagen AG to Credit Suisse Group AG reported earnings that missed analysts estimates and as U.S. lawmakers moved no closer to a deal to avert a default. This morning Asian stocks fell after the U.S. Congress delayed a vote on a plan to raise its borrowing limit, increasing concern the country will default on its debt Nintendo Co., maker of the Wii computer-games console, plunged. In commodities, Oil fell, headed for the first weekly decline in five, on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world’s biggest crude consumer. Gold, trading within 1 percent of a record, is set for the first monthly increase in three as U.S. politicians remain deadlocked on how to raise the federal debt ceiling and avoid a default that may hurt financial markets. Copper in London was little changed at $9,820 a metric ton after rising yesterday as BHP Billiton Ltd. canceled shipments from Chiles Escondida mine, the world’s biggest source of the metal, where workers pledged to extend a weeklong strike. In India after starting on a negative note pushed back in green. But as the day progressed Nifty slips into the red, down 15 points at 5,472 and the Sensex is down by 32 points at 18,177 in the second hour of trading. Consumer Durables, Realty and Oil & Gas down 0.2-0.4% are the major losers. The market breadth is very positive. Of the total 1849 stocks traded on the BSE, 1250 stocks have advanced while 529 declined. The main draggers are the Realty and Consumer Durables indices.