Gold hits new high
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Gold hits new high

London : United Kingdom | Aug 19, 2011 at 9:10 AM PDT
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Inside the News: Moody's US threat hits dollar, stokes gold

Global stocks ceded more floor on Friday, damage by mounting issues the U.S. economic system is heading into another recession and as some European lenders faced a brief-term funding crunch, highlighting the danger of one other banking crisis.

Nervous buyers fled to the security of core government bonds and gold, which hit a record excessive, with many searching for to unwind their holdings in riskier belongings like shares, commodities and better-yielding currencies before the weekend.

European shares prolonged steep losses from Thursday, when they suffered their largest daily slide in 2-half years, with key indexes in Britain, France and Germany all within the red.

The FTSEurofirst index was down 1.25 percent, having already misplaced 15 % this month to put it on observe for its worst monthly decline since no less than 1997.

The MSCI world fairness index was down 1 percent. It too has lost almost 15 percent because the start of month, and saw almost $1.four trillion wiped off valuations on Thursday and early on Friday - equal to the combined economies of Greece, Ireland and Portugal.

“The heavy promoting is on the again of fears over the state of worldwide economic development and the power of European banks to resist one other freezing over of credit score markets,” stated Ben Potter, strategist at IG Markets.

The sharp decline in inventory markets is predicted to have an hostile impact on household wealth, further undermining consumer confidence and demand in coming months. Heightened uncertainty over international development could also see producers delaying decision-making, hitting output.

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werdanofil is based in Abu Dhabi, Abu Dhabi, United Arab Emirates, and is a Stringer on Allvoices.
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