Asian Markets are set for a muted start to the day after U.S. stocks retreated, ending a five-day advance in the Standard & Poor’s 500 Index, amid a stalemate between European finance ministers and Greek bondholders over how to resolve the nation’s debt crisis.
The S&P500 fell 1.37 points, or 0.10%, to close at 1314.63 with consumer discretionary stocks performing well. The Dow Jones Industrial Average finished 33.07 points lower, or 0.26%, at 12675.00, while the Nasdaq also slightly rose 2.47 points or 0.1%.
Global stocks slumped as European finance ministers pushed bondholders to provide greater debt relief for Greece, spurring concern the nation may fail to make a March 20 bond payment. The International Monetary Fund cut its forecast for the global economy. President Barack Obama tonight will lay out what he calls a “blueprint” for revitalizing the economy in his third State of the Union address before a joint session of Congress.
The dollar rose, reaching the highest level this year against the yen, as European policy makers and Greek bondholders failed to reach an agreement on a debt-swap plan for the indebted nation, spurring safety demand. The dollar rose 0.9% to 77.73 yen, The greenback was little changed at $1.3022 per euro.
Oil dropped as a stalemate between European policy makers and Greek bondholders over debt relief increased concern that the European credit crisis will spread. Crude oil for March delivery fell 63 cents to settle at $98.95 a barrel.
Gold eased on Tuesday after the euro fell following the breakdown of talks over the restructuring of Greece’s debt, but the bullion price was still in sight of six-week highs and set for its strongest monthly gain since August.
INDICES
Last Traded
SPI 200 future 4196
S&P500 Index 1314.63
Dow Jones 12675.00
FTSE 100 Index 5751.90
COMMODITIES
Last Traded
Gold 1665.10
Oil (Nymex) 99.18
CURRENCIES
Last Traded
AUDUSD 1.0486
EURUSD 1.3029
GBPUSD 1.5519
USDJPY 77.69
Source
Bloomberg, Dow Jones News