US markets tumbled yet again last night, caused by a spike in home foreclosure and ailing credit markets added worries about the sagging economy. Retailers also fell overnight after bad sales data recorded in January. Only Wal-mart managed a gain last night after its sales soared 26%. More worries about the credit markets are still there and investors start to think that the Fed can't stop the failing credit market. Investors bet that the Fed will reduce its rate by 0.75% in their next meeting. Dow lost 214.60 pts or 1.75% to 12040.39, S&P500 lost 29.39 pts or 2.20% to 1304.34 while Nasdaq fell 52.31 pts or 2.30% to 2220.50.
Asian markets may open lower today following yesterday's big gains and after US markets tumbled to 18 months low sparked by credit concerns and more housing slump. Oil prices keep rising while gold tumbled on profit taking. Oil was recently traded around $105.60ish, gold traded around $975.80ish while JPY rose against US$ to 102.50ish. Nikkei futures was closed at 12800 in CME compared to the close of 13110 here yesterday. Markets may fall further as investors do not want to risk their money in this rough environment and as investors do some profit taking after yesterday's gain.
Kospi may fall at the open to around 211ish after US markets tumbled overnight. Mining companies may not be able to help market today as gold prices tumbled as well and Losses may be paced if investors do some profit taking today. Exporters may be hurt bad as bad US data means bad for exporters' business and Kospi's main export target is the US.
Hangseng may open lower around to below 23000 at 22700ish. It may fall further to below 22500 and even break the 22000 level if investors get really pessimistic about the current market condition. Profit taking maybe in session today and Hangseng maybe hit very hard if foreign investors decided to take away their money and also if China markets continues their losing streak.
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