Wednesday, October 28, 2009 6:53 AM
U.S. consumer confidence pulls down markets
Globe and Mail Update
Global stock markets dropped Wednesday as more signs American consumers were struggling undermined hopes for a stronger turnaround in the world’s largest economy.
Major Asian markets fell by about 1.5 per cent or more, with European shares shedding about 1 per cent in early trade. Oil prices dropped below $79 a barrel, while the dollar weakened against the yen.
The losses followed another choppy session on Wall Street, where an unexpected drop in consumer confidence gave investors few reasons to venture further into a market that’s run massively higher in the last eight months.
European shares hit a three-week low as earnings news from Banco Santander and BG Group weighed, with banking and energy stocks the biggest fallers.
Hong Kong gold prices closed lower on Wednesday at 1,038.50-1,039.50 (U.S) dollars an ounce, down from Tuesday’s close of 1,041.00-1,042.00.
