The Dow Jones industrial average fell 67.03 points, or 0.67 percent, to 9,995.91. The Standard & Poor’s 500 Index lost 8.88 points, or 0.81 percent, to 1,087.68. The Nasdaq Composite Index gave up 16.49 points, or 0.76 percent, at 2,156.80. The FTSEurofirst 300 index closed 0.8 percent lower at 1,009.62 points after trading at a high of 1,026.43 in the morning session. The benchmark Nikkei edged down 21.05 points to 10,236.51 after earlier falling as much as 1.3 percent. The Topix rose 0.5 percent to 905.80.

Russia is to launch its first international bond in a decade in a bid to boost its public finances. Yesterday, the Icelandic government stated that Iceland has reached a deal with the British and Dutch governments to reimburse them for compensating savers who lost money in the collapse of Icesave bank. According to the first official report into the directive, the European Union plans to crack down on hedge funds and private equity houses could cost the industries as much as €3.2bn.Iraqi oil officials are again in talks with Royal Dutch Shell, over revising its offer to operate the Kirkuk oilfield.  Yesterday, Iraq’s cabinet ratified a contract with BP and China’s CNPC to develop the Rumaila field.

Due for release today there is BoJ to Hold Quarterly Branch Managers’ Meeting in Tokyo, Bernanke, Yellen Speak at San Francisco, International Securities Transactions, Bernanke Speaks on Asia and Financial crisis in California.

By Greg Secker