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The US Debt Limit Has Failed To Dispel Worries &Nbsp; Global Stock Markets Have Suffered Heavy Losses.

2011/8/3 8:53:00 49

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US Debt Limit Worries Global Stock Market Setback

U.S.A

The Senate passed a bill of 74 votes in favour of 26 votes on Tuesday, which approved a bill aimed at reducing budget expenditure and raising the federal government's borrowing limit, which allowed the US government to raise its borrowing limit several hours before the default.

President Obama then formally signed the bill.

The bill will be implemented in two steps. First, the federal debt ceiling of US $14 trillion and 300 billion will be raised to as much as US $2 trillion and 400 billion, and the deficit will be reduced by US $2 trillion and 100 billion over the next ten years.

However, even if the expenditure is cut according to the current agreement, the US government's debt is expected to increase by US $7 trillion over the next ten years.

The market is worried that the US debt has not been fundamentally improved, and the rating agencies may still be able to do so in the future.

Potential American

credit

The downgrading of the rating led to turbulence in the international financial market and brought difficulties to the fragile economic recovery.

In addition, a series of sluggish economic data recently released by China and the United States show that the slowdown in major economies and the uncertainties in the financial markets have had a significant impact on the global stock market.

Tuesday in the United States

equity market

The Dow Jones Industrial Average closed at 8 for the longest time since October 2008. The Dow Jones Industrial Average fell 265.87 points, or 2.19% points, to 11866.62 at the 4:00 p.m. Eastern time. The Nasdaq composite index fell 75.37 points, down 2.75% to 2669.24 points, and the standard & Poor's 500 index fell 32.90 points, or 2.56% points to 1254.04 points.

In the European stock market, the continued bad U.S. macroeconomic data and Italy continued to suffer from the euro zone sovereign debt crisis. The European stock index hit a new low of 10 months. At the close, the pan European Dow Jones index closed at 256.98 points, or 1.92%.

Among them, the German DAX30 index fell 2.26% to 6796.75 points; the French CAC40 index fell 1.82%, closing at 3522.79 points; the FTSE 100 index fell 0.97%, closed at 5718.39 points; the Italy financial times MIB index fell 2.53% to 17272.80; Spain IBEX 35 index dropped to 1.9% points.

For commodities, on Tuesday,

crude oil

The price fell to its lowest level in five weeks, and the NYSE's main oil contract in September fell 1.10 dollars, closing at $93.79 a barrel, or 1.2%.

Gold prices hit a record high, and the NYSE's main gold contract in December rose 22.80 U.S. dollars to close at $1644.50 an ounce, or 1.4%.