Monday, January 7, 2008

Market Highlights

US: U.S. stocks had the steepest weekly loss since July after unemployment increased to a two-year high and manufacturing declined, bolstering speculation that a recession will stymie profit growth.


Europe: European stocks had their worst week in five months after reports showed U.S. hiring and manufacturing slowed the most since 2003, deepening concern the region's largest trading partner may slide into recession.


Asia: Asian stocks fell this week, led by exporters such as Toyota Motor Corp. and Samsung Electronics Co., after reports showed that some Asian countries' growth and the U.S. economy are slowing.


Commodities: Crude oil fell more than $1 a barrel in New York after a government report showed U.S. unemployment jumped to a two-year high, raising concern of a recession that would curb energy demand. Gold futures fell in New York on speculation a rally to the highest price since 1980 was overdone.


Currencies: The dollar posted its biggest decline against the yen in almost two months as a slowdown in hiring raised concern that U.S. economic weakness will spread globally.
Source: Bloomberg

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