Stocks fell on Tuesday after a disappointing outlook from 3M Co and a second straight month of falling domestic sales at McDonald's Corp triggered concern about consumer spending.
U.S. copper futures slipped
more than 1 percent in early business on Tuesday, as global
credit concerns resurfaced and prompted investors to seek
safety in the dollar.
Investor confidence in Dubai took a fresh knock on Tuesday as officials dithered over a rescue for debt-laden state conglomerate Dubai World and ratings agency Moody's slapped a downgrade on government-related debt.
Investor confidence in Dubai took a fresh knock on Tuesday as officials dithered over a rescue for debt-laden state conglomerate Dubai World DBWLD.UL and ratings agency Moody's slapped a downgrade on government-related debt.
Stocks fell on Tuesday on a disappointing outlook from 3M Co, while McDonald's Corp reported a second straight month of declines in domestic sales.
Selling Saab, Partially; Loans Outlook from Wells Fargo; McD's Nov Sales Slip
Brazil's currency, the real (BRBY), weakened 1.3 percent to 1.751 per the dollar. The greenback, considered a safe-haven currency in times of turmoil, strengthened against a basket of major currencies .DXY.
Wall Street was set to open lower on Tuesday after 3M Co's outlook for the current year came in below analysts' forecast and McDonald's Corp reported a second straight month of declines in domestic sales.
Fitch Ratings cut Greece's debt rating to BBB+ from A- with a negative outlook, the first time in 10 years a major ratings agency has put Greece below an A grade, citing fiscal deterioration in the euro zone's weakest member.
State-controlled Dubai World is discussing a new date with banks for $3.5 billion in debt falling due on Dec. 14, but with no deal yet announced, spooked investors sold Dubai shares down to 21-week lows.
Six months is not enough time to restructure indebted state-controlled conglomerate Dubai World, the emirate's finance chief said on Tuesday, adding that it had enough assets to meet its obligations.
Stock index futures pointed to a mixed open on Wall Street on Tuesday, with futures for the S&P 500 up 0.21 percent, Dow Jones futures down 0.07 percent and Nasdaq 100 futures down 0.13 percent at 4:33 a.m. EST.
State-controlled Dubai World is discussing a new date with banks for $3.5 billion in debt falling due on December 14, but with no deal yet announced, spooked investors sold Dubai shares down to 21-week lows.
The dollar dipped on Tuesday after Federal Reserve Chairman Ben Bernanke dampened speculation of an early U.S. interest rate rise, while Asian shares steadied as investors took a breather after recent gains.
A group of international and regional banks met Dubai World for the first time on Monday as talks began on the company's efforts to restructure $26 billion of debt, the Financial Times reported on Monday.
Dubai ring-fenced prized assets such as Emirates airline from the $26 billion debt restructuring of Dubai World, denting fragile investor sentiment and raising questions on slated assets.
World stocks slipped on Monday from last week's 14-month high while the dollar hit a five-week peak as investors grew convinced U.S. interest rates could rise soon after the previous session's robust jobs report.
Ratings agency Moody's said on Monday it did not expect to take any ratings actions against U.S. insurance companies because of Dubai World's $26 billion restructuring.
Dubai's government will not sell any assets to meet the obligations of state-owned Dubai World, but the conglomerate itself might sell some of its foreign assets, Dubai's finance chief told Al Jazeera television.
Oman's top banks said on Sunday they had a total exposure of $77 million to troubled conglomerate Dubai World , sending shares of most lenders down nearly 6 percent.
Four Britons held for a week in Iranian custody after their yacht strayed into Iran's waters returned home on Friday and thanked everyone who helped to get them freed.
Asia's largest wind power generator, Longyuan Power Group Corp, and China's biggest shipbuilder, China Shipping Industry, will each raise over $2 billion in initial public offerings in Hong Kong and Shanghai, testing market appetite strained by a glut of recent listings.
