International Report

The Dow Jones industrial average dropped 0.97%, to 10,282.41. The Standard & Poor’s 500 Index fell 1.2% to close at 1,094.60. The Nasdaq Composite Index fell down 1.28%, to 2,213.44.The Nikkei fell 153.27 points to 10,198.83 having fell 2% earlier in the session. The Topix fell 1.3% to 895.69.

Yesterday, fears of a double-dip global recession were amplified as a series of bad economic news highlighted how fragile the world economy is.  Due to concerns over business conditions and unemployment US consumers were their least confident in 10 months. Also in December house prices in 20 US cities also fell and in February the German the Ifo business confidence index fell further. According to New York’s tax department, in 2009 US banks paid out in total $20.3bn (£13.1bn) in bonuses for 2009. There is speculation that Greece could issue a 10-year bond within the next few days. This is the second bond issue for Greece this year and will test the credibility of the country.

Due for release today is the USD Fed Chairman Bernanke Testifies and the USD New Home Sales.

by Greg Secker

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