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Home > News and Opinion > US Corporate Earnings Shatter Investors’ Confidence: World Stocks Fall

US Corporate Earnings Shatter Investors’ Confidence: World Stocks Fall

George Sterling | Tuesday, October 23rd, 2012

On Tuesday, world stock markets dropped after United States corporate earnings shattered investors’ confidence. A week ago, investors were positive about the global economy, as well as the largest economy, but disappointing corporate earnings have worried investors yet again.

Amongst the stocks that were affected globally included the FTSE 100 index of Britain, which dropped by 0.7 percent, settling at a value of 5,838.98. Moreover, CAC-40 of France dropped by 0.7 percent, settling at a value of 3,460.03, whereas Germany’s DAX dropped by 0.9 percent, settling at a value of 7,962.96.

Wall Street was also affected by dim US corporate earnings, as S&P 500 futures dropped by 0.8 percent, settling at a value of 1,419.20, while Dow Jones industrial futures dropped by 0.6 percent, settling at a value of 13,211.

Moreover, the Asian stock market was also not an exception to the rule as shares in Asia were also affected due to the overall negative investors’ sentiment.

Amongst Asian stocks, Kospi of South Korea dropped by 0.8 percent, settling at a value of 1,926.91, whereas S&P / ASX 200 of Australia gained 0.1 percent, settling at a value of 4,543.10.  Most of the benchmark indexes in Taiwan and Indonesia also reported declines. However, benchmarks in the Philippines, Singapore and New Zealand gained value.

Investors’ optimism was hit by the underwhelming US corporate earnings and according to analysts, signs of negativity might continue next week.

On the other hand, in currencies, the euro dropped from $1.3045 during late Monday in New York to $1.3040, whereas the dollar also shed value, declining from 79.89 yen to 79.81 yen. On the other front, December delivery benchmark oil dropped by 14 cents, settling at a value of $88.51 per barrel during electronic trading at the New York Mercantile Exchange. After the close, the contract settled at $88.73 in New York.

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