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  3. US markets slip amid worries over global growth

US markets slip amid worries over global growth

30 May 2013 Evaluate

The US markets slipped on Wednesday, with Wall Street giving back the prior day’s gains, amid worries over global-growth prospects and fears that Federal Reserve will begin to scale back its bond-buying program. The Organization for Economic Cooperation and Development (OECD) cautioned that global growth could get hit as governments pare back easy-money programs, and it gave a bleaker forecast for the euro-zone economy this year. The OECD warned that withdrawals by central banks from monetary-easing programs likely will cause spikes in government-bond yields, posing a risk to the outlook of the global economy. In relation to the US, the OECD expects the economy to grow 1.9% in 2013, down from an earlier estimate of 2.0%, and to grow 2.8% in 2014.  Also, the International Monetary Fund cut its estimate for China’s economic growth in 2013 and 2014. For the euro zone, the organization expects the economy to shrink 0.6% in 2013, a deeper contraction than the 0.1% expected previously.

Meanwhile, Federal Reserve of Boston President Eric Rosengren reiterated last week testimony by Federal Reserve Chairman Ben Bernanke, stating that significant accommodation remains appropriate at this time. Eric Rosengren told that he believes Federal Reserve should make adjustments to the program based on economic outcomes - that if the economy and the outlook improve, the rate of purchases could be gradually reduced, rather than suddenly stopped once we have achieved substantial improvement in labor markets.

The Dow Jones Industrial Average lost 106.59 points, or 0.69 percent, to close at 15,302.80. The Nasdaq dropped 21.37 points, or 0.61 percent, to end at 3,467.51, while the S&P 500 edged lower 11.70 points, or 0.70 percent, to close at 1,648.36.

The Indian ADRs closed mostly in red on Wednesday, Infosys was down 1.05%, ICICI Bank was down by 1.02% and HDFC Bank was down 0.54%. On the other hand, Tata Motors was up by 1.48% and Tata Communications was up 0.13%.

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