Spreadex Market Update
Asian stocks fall
As a result riskier assets were shed, however Japanese equities defied the trend as a sharp slide in the Yen lifted exporters shares.
European equities were seen falling for a second consecutive day, hit by U.S. concerns and the continents own intractable debt crisis. Data due later today is Euro zone recession data expected to show that the region has slipped back into its second recession since 2009
Focusing on Britain, the BoE has warned that years of meagre economic growth and rising prices are ahead of us and that its ability to numb the pain is reaching its limit. Governor Mervyn King has effectively left the door open for further cash injections in bond buying.
The outlook makes dire reading for the Conservative-led government only weeks before Chancellor George Osborne is to give his half-yearly budget update.
BP Plc is expected to pay a record criminal penalty and plead guilty to criminal misconduct over the 2010 Deepwater Horizon disaster.
It is expected that BP will plead guilty in exchange for a waiver of future prosecution on the charges. Although the value of BP’s payment is not yet known it has been said that it would be the largest criminal penalty in U.S history.
Both Panasonic and Sony are facing troubling times ahead with Sony Corp reeling from four consecutive annual losses and Panasonic planning on cutting 8,000 jobs amid a second straight loss.
Panasonic has already eliminated 8,871 jobs in the six months ending Sept 30th and this latest setback has plunged the shares to its lowest level in at least 38 years. Sony shares dropped as much as 11 percent to 772 yen, that extended the year-to-date slump to 44 percent.
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