Broadgate: Market News 24/4
24 April 2012
The Australian dollar fell against all of its major counterparts as investors increased bets the central bank will resume cutting interest rates next week and inflation in the country unexpectedly slowed. Asian stocks dropped and the yen rose.
Economic concern grew as euro-area manufacturing fell and data indicated China’s production will contract for a sixth month. U.S. stocks joined a global selloff, with political uncertainty in France and the Netherlands adding to the concern about Europe’s sovereign debt crisis. Yesterday’s drop trimmed this year’s gain in the S&P 500 to 8.7 percent.
Apple Inc. (AAPL), which reports results today, fell 0.2 percent to $571.70, after swinging between gains and losses. Since rising to a record on April 9, the shares have lost 10 percent as some investors speculated Apple may not be able to keep growing at the pace that made it the most valuable technology company.
Data later today may show American consumer confidence fell for a second month, while U.S. home sales rose, according to economists surveyed by Bloomberg.
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