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  3. US markets slip for third straight day

US markets slip for third straight day

13 Jun 2013 Evaluate

The US markets slipped for the third straight day on Wednesday, as the Japanese yen furthered its rise and doubts about monetary policy had investors on edge. Investors attempt to decipher the next move from the Fed and European Central Bank as they are increasingly focused on the impact of early stimulus withdrawal. Meanwhile, the Treasury Department stated that the US government posted a budget deficit of $139 billion in May, but the government is still expected to record a full-year deficit of less than $1 trillion for the first time since 2008. May’s deficit was 11% higher than the same month a year ago, as spending rose. For the fiscal year to date, the deficit is 26% lower. The government’s tax income rose 15% in the fiscal year through May, the result of higher rates that went into effect at the beginning of 2013. The Federal Open Market Committee will hold a two-day meeting next week.

In other development, the World Bank lowered its global economic-growth forecast, tipping 2.2% expansion in 2013, down from a 2.4% projection issued in January and below last year’s estimated 2.3% growth. The multinational development agency also revised lower its expectations for growth in China, Brazil and India, while upping estimates for Japan and the US. For 2014, the World Bank sees global growth at 3%.

The Dow Jones Industrial Average lost 126.79 points or 0.84 percent, to close at 14,995.20, S&P 500 edged lower by 13.61 points or 0.84 percent, to close at 1,612.52 while Nasdaq slipped 36.52 points or 1.06 percent, to end at 3,400.43.

The Indian ADRs closed mostly in red on Wednesday, Infosys was down 0.83%, Tata Communications was down by 0.15% and Sterlite Industries was down by 0.14%. On the other hand, Dr. Reddy’s Lab was up 0.07% and HDFC Bank was up by 0.02%.

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