Global Stocks Turn Negative
Data out of China this morning shows just how quickly the global economic downturn is taking its toll on one of the fastest-growing nations. Chinese exports are still rising, but not as much as they had been. Merchandise exports rose 19.2 percent last month compared to a year ago and 21.5 percent in September, the Wall Street Journal reports. This morning, Asian markets fell on concerns that the $586 billion stimulus package announced by the Chinese government might not do much to avert or limit the impact of a global recession. Crude oil fell below $60 a barrel.
The markets in Asia closed in the red across the board today, led by Hong Kong's Hang Seng index, which fell 4.7 percent. In Europe, where Nokia announced it would slash 1,800 jobs this morning, so far stocks are also trading lower, with the DJ Stoxx index down 2.3 percent.
So far, U.S. stock futures are looking negative as well. One bright spot: Quarterly earnings from Tyco beat expectations, buoyed by its electrical and metal product segments.
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