Markets Witness Lacklustre Move

The Global Markets gives out negative cues this morning. U.S. stocks fell, sending the Standard & Poor’s 500 Index lower for a third day, as earnings and forecasts that disappointed investors at technology and consumer companies wiped out an early advance. European stocks fell for a second day as food and basic-resource companies retreated and concern mounted that tomorrows U.S. gross domestic product report may show growth slowed in the world’s largest economy. This morning Asian stocks fell, dragging down the MSCI Asia Pacific Index for the first time in six days, as higher-than-estimated unemployment in Japan and a poorer Macquarie Group Ltd. earnings outlook overshadowed increased profit targets at Sony Corp. and Panasonic Corp. In commodities, Crude oil fell in New York, poised for its biggest weekly decline in four, on concern that the pace of fuel demand recovery may falter amid a weaker global economy. Gold, which surged to a record in June, is headed for the biggest monthly decline this year as evidence of a global economic recovery saps investors demand for the metal as a store of value. Copper dropped, paring the first monthly gain since March, as expectations of a slowdown in U.S. economic growth weakened the outlook for metals demand. The Indian markets witness lacklustre move to trade in the negative territory. IT, Teck and FMCG trades on a negative note declining nearly half percentage points. Market breadth is positive with 1,608 advances against 957 declines. The Sensex trades in red at 17,956.59 declining 35.41 points or 0.20 percentage points. Nifty trades at 5394.40 declining by 14.50 points or 0.27 percentage points.