Futures Market News
Irish debt woes outweigh positive shopping figures
Nov 29, 2010 09:15 AM
Global stock indexes took a hit on Monday, as the continuing struggles of eurozone debtors to get their houses in order outweighed optimistic sentiment from a busy shopping season in the United States. The good news revolved around Black Friday - between Thanksgiving and Sunday, November 28, 212 million shoppers made purchases, with average per-person spending rising from $343.31 last year to $365.34 this year, said the National Retail Federation.
"The consumer continued to show resilience as November started strong and Black Friday did not disappoint," JPMorgan analyst Charles Grom wrote in an investment note to clients, according to Reuters.
Yet stock index futures in the U.S. took a hit - Dow Jones Industrial Average futures slipped 100 points to 10,930, while S&P 500 index futures dropped 9.7 points to 1,173.50. Nasdaq 100 index futures lost 26 points to 2,120 at 10:02 a.m. EST.
The only real positive sentiment was seen in Hong Kong, where Hang Seng index futures rose 373 points to 23,220.
The drop followed the surging yields on Irish debt and the tumbling euro, as investors speculated that despite Ireland's 85 billion euro bailout, more funds will be needed to stabilize the common currency.
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