Overnight markets

graeme at 5:14 a.m. Wed 08 Jul 2009

US markets continued to fall in the afternoon with the S & P 500 closing down a tad under 2%. Asian markets have , so far, followed them down with the Nikkei down 1.8% and the Hang Seng down 1.6%. Indian markets look unpredictable after recovering on Tuesday after Monday’s post budget sharp fall.

Losses in US markets were spread across companies and sectors: investor’s concerns are with the broader economy rather than restricted to any particular sector. The breadth and depth of recent falls reverses gains in recent months and shows the weakness of the bear market rallies which we have recently seen.

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