Reuters: US Dollar Report: GLOBAL MARKETS-Shares, euro hit by weak earnings, Spain

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GLOBAL MARKETS-Shares, euro hit by weak earnings, Spain Oct 23rd 2012, 14:22 Tue Oct 23, 2012 10:22am EDT * Lackluster earnings hit Wall St; major indexes down more than 1 pct * Euro hits global session low vs yen and dollar * European shares fall further to new 1-1/2 week low By Angela Moon NEW YORK, Oct 23 (Reuters) - Global shares and the euro dipped on Tuesday after a slew of weak U.S. corporate results, a slump in French business confidence and more pain for Spain weighed on investors' hopes for recovery. U.S. stocks fell sharply, with major stock indexes down more than 1 percent in early morning trade, on disappointing quarterly results and outlook from a host of large multinational companies like Dupont, 3M, United Technologies and UPS. Dupont shares were down 8 percent at $45.75 and 3M shares fell 3 percent to $89.60. Adding to these economic concerns was a fall in Spanish bond prices after Moody's downgraded five of the country's regions including economically important but deeply indebted Catalonia. "The markets have been hard to figure lately. Uncertainty has not eased. Not in Europe, not in the Middle East, not in China or Japan and not in the U.S., with a dead-heat election battle and unknown future Congressional dynamics," said David Brown, CEO of Sabrient Systems, an independent equity research firm. "Companies overall continue to beat earnings, mostly, and miss on revenues. Now there is a certainty: earnings cannot keep going up if revenues keep going down." The Dow Jones industrial average was down 183.64 points, or 1.38 percent, at 13,162.25. The Standard & Poor's 500 Index was down 19.61 points, or 1.37 percent, at 1,414.21. The Nasdaq Composite Index was down 34.93 points, or 1.16 percent, at 2,982.02. European shares extended their earlier losses, with a key index falling to a its lowest level in one and a half weeks. The FTSEurofirst 300 index was down 1.7 percent at 1,089.01 points, its lowest intra-day level since Oct. 11. Global shares fell 1.4 percent. The euro slid to its lowest since Oct. 16 against the dollar to $1.2972, and last traded at $1.2974, down 0.7 percent on the day. It also dropped against the yen. The U.S. Federal Reserve's policy committee is set to begin the first day of a two-day meeting on interest rate policy on Tuesday. The Federal Open Market Committee is likely to hold off from taking fresh steps at the meeting, opting to review the impact of the significant action it took last month and keep a low profile in its last gathering before the Nov. 6 general election. The New York Times reported Fed Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the Nov. 6 election. Link this Share this Digg this Email Reprints

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