US markets closed down on Friday following the surge in oil prices and also the bigger loss report from AIG. AIG said that they need to raise $12.5 billion to cover writedowns and there are also concerns that the commodities rally will come to an end soon. These 2 factors contribute to the decline of the markets in the US. After hours, FedEx also posted concerns on its 4Q profit outlook for 2nd time which sent its stock down 3.2%. The Dow fell 120.90 pts or 0.94% to 12745.88, S&P500 fell 9.40 pts or 0.67% to 1388.28 while Nasdaq fell 5.72 pts or 0.23% to 2445.52.
Asian markets may open lower again today following the dismal performance made by the Wall St markets on Friday. However, merkets in Asia may rise should any positive news came out of its respective countries to boost up the markets. With high oil post an inflationary concerns, upside and full market recovery is still far from complete. Oil rose to a record breaking $126ish per barrel on Friday in intraday US trading and was recently traded around $125.96ish per barrel, gold traded around $883ish per barrel and JPY traded stronger vs US$ at 102.90ish. Nikkei futures was closed at 13645 in CME compared to the close of 13540 here on Friday. Investors are nervous that the 14000 psychological level may turn into a strong upside resistance.
Kospi and Hangseng are closed for public holiday today.
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