Flat Start Expected for Markets
Aug 24th 2012 7:42AM
Updated Aug 24th 2012 7:44AM
Today's economic calendar is quiet -- the highlight is likely to be July's durable goods orders, which are expected to have risen by 3%, following a 1.3% rise in June. Markets fell yesterday and CNN's Fear & Greed index retreated from recent highs of almost 80 to 68 (Greed), suggesting that a weakening of sentiment and market correction from recent year-highs could be on the way.
In company news, shares in Autodesk fell by 20% in after-hours trading after investors were disappointed by the company's new guidance. salesforce.com also disappointed analysts with its Q3 guidance last night. Both stocks could be actively traded when markets open this morning. No major earnings announcements are due today, leaving the stage clear for a quiet day.
In Europe, yesterday's downward trend continued with all major markets remaining weak in morning trading. At 7 a.m. ET, the DAX was down by 0.3%, the CAC was down by 0.3%, the FTSE MIB was down by 0.7%, and the IBEX was down by 0.5%. Greek Prime Minister Antonis Samaras met with the German Chancellor Angela Merkel this morning to plead his case for an extension to Greece's bailout schedule, but the German leader has already made it clear that she will wait for the official report in September before offering an opinion.
London markets may be heading into a long weekend, but the wet weather forecast appeared to match traders' feelings, as the FTSE 100 (INDEX: ^FTSE) slipped by 0.2% during the morning session. The market was not boosted by revised U.K. growth figures, which showed that GDP fell by 0.5% in the second quarter, rather than the 0.7% originally claimed. Leading the fallers once more were the big miners, with Rio Tinto down by 3.25% and ENRC down by 3.6% at 7 a.m.
Billionaire investor Warren Buffett does not own shares in either of these big mining companies, but he did recently spend $1billion expanding his stake in a very well-known British blue chip brand to more than 5%. The company concerned is a famous British name with global expansion potential -- and you can discover the identity of the company and the price he paid in this special exclusive report. Best of all, the report is free -- so download it today while it's still available.
Are you looking to profit from this uncertain economy? "10 Steps To Making A Million In The Market" is The Motley Fool's latest report. We urge you to read it today -- your wealth could be transformed. Click here now to request your free, no-obligation copy. The Motley Fool is helping Britain invest. Better.
Further investment opportunities
The article Flat Start Expected for Markets originally appeared on Fool.com.Roland Head owns no shares of any of the companies mentioned. The Motley Fool owns shares of salesforce.com. Motley Fool newsletter services have recommended buying shares of salesforce.com. Motley Fool newsletter services have recommended shorting salesforce.com. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.