Summary: Dow Tumbled 4.62%&Nbsp, NASDAQ Plunged 4.09%

US stock market again on Wednesday Setback The Dow closed down 520 points. Investors are worried that the European debt crisis may escalate and the global economy slows.

At 16:00 p.m. Eastern time on August 10th (Beijing time August 11th 04:00), the Dow Jones Industrial Average fell 519.83 points, closing at 10719.94 points, or 4.62%, while the Nasdaq composite index fell 101.47 points to 2381.05 points, or 4.09%, while the standard & Poor's 500 index fell 51.81 points to 1120.72 points. Decline 4.42%.

Today, US stocks are sharply lower, driven by the rebound in energy and financial stocks, the US stock market has narrowed down in the afternoon, and the market has fallen again and is closing at the lowest point of the day.

Driven by demand for hedge investment, gold futures prices rose sharply. The price of 10 - year treasury bonds rose, and the yield fell from 2.26% on Tuesday night to 2.12%.

Investors are worried about the prospects for us economic growth. "Investors are still trying to identify the US," said Oliver Pursche, President of Gary Goldberg Financial Services, an investment firm. Economics It is a two recession, or just a slowdown. "

In addition to worrying about the growth of the US economy, investors are closely watching the situation in Europe. They are worried that Italy or Spain will become the next country unable to repay their debts.

Because there are rumors that France may lose AAA sovereign credit, European stock markets began to fall from midday, closing sharply, and the banking sector was a major setback.

After the rumors that France might be downgraded, French President Sarkozy ended his vacation early and held an emergency meeting with ministers. He decided to introduce the latest measures to reduce the public deficit and protect the AAA credit rating of France.

Moodie, a rating agency, said that France's AAA rating is expected to be stable. Standard & Poor's agencies also reiterated the French AAA rating, looking for stability.

Fitch said France's sovereign credit rating is still 3A, and its outlook is stable. Fitch solutions, a company known by Fitch, points out that the price of credit default swap (CDS) in France and Germany has risen significantly, suggesting that the market is increasingly concerned about the weak countries in the euro zone.

In Asia's economy, the market is worried that China's high inflation rate may lead to economic growth. slow down 。 China's auto sales increased by only 6.7% in July, far below the 32% increase in 2010. Since 2009, less developed countries such as China and Brazil have become leaders in the global economic recovery.

On the economic data side, the US Treasury reported on Wednesday that the US budget deficit declined in July, but still amounted to as high as 129 billion dollars, and the total deficit so far this fiscal year has reached nearly 1 trillion and 100 billion US dollars.

The US Department of Commerce reported that US wholesale inventories grew in June, but the growth rate reached its lowest level in 7 months, mainly because wholesalers kept inventories at a level consistent with sales.

The energy department of the US Department of energy reports that the US crude oil inventories unexpectedly dropped by 5 million 200 thousand barrels last week.

In other news, Capital One Financial (COF) announced that Premium About $2 billion 600 million will buy HBC's credit card business in the US, including about $30 billion in credit card assets.

The Swiss central bank said it would take further steps to curb the massive appreciation of the Swiss franc, saying that the excessive appreciation of the Swiss Franc has posed a threat to economic growth.

New York Mercantile Exchange gold futures rose 41.30 U.S. dollars to close at $1784.30 an ounce, or 2.4%, hitting a record high of 1801 US dollars per ounce. Crude oil futures rose 4.5% to $82.89 a barrel.

European shares diving AAA rating may not be guaranteed

On Wednesday, the main stock index began diving in the afternoon of European stocks. It is reported that after the United States, France's AAA sovereign rating will not be guaranteed. Many bank stocks began to fall sharply. The stock market in France, Italy and Spain has become a major disaster area. Bank of Paris's share price fell 7.4%.

The overall situation of European stock vane: the Dow Jones Stoxx 600 index fell 0.2% to 231.66. The index also rose 2% in early trading. The euro exchange rate also began to slide sharply. The French CAC 40 index fell 1.4% to 3132.17 points, the British financial times 100 index fell 0.21%, Germany's DAX 30 index rose to 0.3%, to 5934.98 points. Italy's stock market fell more than 2%, while Spain's stock market fell 1%.

France proposes new measures to reduce deficit to protect AAA credit rating

French President Nicholas Sarkozy (Nicolas Sarkozy) ordered the Minister of finance Francois Baroin (Francois Baroin) and budget minister Valerie Peck Reiser (Valerie Pecresse) to launch the latest measures to reduce the public deficit, because the United States sovereign credit rating has been reduced, thus making the tense financial situation in France become the focus of market attention.

Sarkozy also strongly urged all political parties to support a constitutional proposal. limit Future deficits. At present, if this proposal is submitted to both houses of Congress, it will probably fail.

On Wednesday, Sarkozy convened an emergency meeting of government ministers and central bank governors to temporarily suspend the summer recess because of the sharp fall in the stock market, indicating that investors are anxious about the debt burden of governments. Baru'an and Peck Reiser have been asked to meet with Sarkozy and French Prime Minister Francois Fillon in August 17th to give advice on accelerating the pace of deficit reduction. Sarkozy office said government officials will also hold further meetings in August 24th and will formally approve deficit reduction measures at this meeting.

Global stock market crash plunged gold for the first time to exceed $1800.

The sharp rise in the price of gold in the international market has continued the strength of recent trading days. It is extremely worried that the global economic outlook and the stock market crash have forced many investors to turn to gold (1789.80,46.80,2.69%). The gold price for the first time broke through 1800 US dollars / ounce mark. The price of gold has also been pushed by the Federal Reserve to keep the ultra-low interest rate policy at least until mid 2013, which makes the opportunity cost of holding gold at a low level.

As of 0 a.m. on Thursday morning, the price of the New York Mercantile Exchange's gold futures contract in December rose by 36.70 dollars to 1779.90 dollars, or 2.1%, at 5. Earlier, gold hit a record high of $1801.

US budget deficit of $129 billion 400 million in July is lower than expected.

The US Treasury reported on Wednesday that the US budget deficit declined in July, mainly due to a decrease in expenditure compared with the same period last year.

According to the monthly budget report released by the Ministry of finance today, the US budget deficit in July was US $129 billion 400 million, lower than US $165 billion in July 2010, which was lower than economists had expected. The budget deficit so far in the current fiscal year has risen to $1 trillion and 100 billion, down from 1 trillion and 700 billion US dollars in the same period last year. According to a Bloomberg survey, 25 economists surveyed expect the US budget deficit to be US $133 billion in July, ranging from US $125 billion to US $140 billion.

Us wholesale inventories increased by 0.6% in June

The US Department of Commerce announced on Wednesday that wholesale inventories in the United States increased in June, but Increase The lowest level in 7 months is mainly due to wholesalers keeping inventories at a level consistent with sales.

The report shows that US wholesale inventories grew by 0.6% in June, less than economists had expected, and 1.7% in May, after a correction, which is 1.8% lower than the previous report. According to a Bloomberg survey, 34 economists surveyed expect the US wholesale inventories to grow by 1% in June, and the forecast range is 0.3% to 1.5%. At the same time, wholesaler sales in June also increased by 0.6% compared to May.

US crude oil inventories unexpectedly dropped by 5 million 200 thousand barrels last week.

The energy department of the US Department of energy (EIA) released today's US crude oil inventory report last week. According to the report, US crude oil inventories unexpectedly dropped by 5 million 200 thousand barrels as of August 5th. Market research firm Platts survey shows that analysts expect us crude oil inventories to increase by 1 million 800 thousand barrels this week.

The report also showed that in the week of August 5th, gasoline inventories in the United States decreased by 1 million 600 thousand barrels, while analysts expected to reduce 1 million 200 thousand barrels. Stockpiles of distillate (including diesel and heating oil) were reduced by 700 thousand barrels, and analysts expected an increase of 1 million 200 thousand barrels. The inventory data released by the energy information department are in line with the data released by the American Petroleum Association (API) on Tuesday.

New York gold futures rose 2.4%, the highest closing price ever.

New York gold futures prices rose third on Wednesday. Trading day The highest closing price was mainly due to a sharp decline in the stock market, prompting investors to buy gold futures to avoid risks.

On the same day, gold futures on delivery of the New York Mercantile Exchange (NYMEX) commodity exchange (COMEX) rose 41.30 US dollars in December, closing at $1784.30 an ounce, or 2.4%, hitting a record high of 1801 US dollars per ounce.

New York crude futures closed up 4.5% at $82.89 a barrel.

New York crude oil futures rebounded on Wednesday, reversing the closing trend of several consecutive trading days, as the US government report showed that crude oil inventories declined last week and the stock market fell sharply.

On the same day, the New York Mercantile Exchange (NYMEX) delivery of light crude oil futures in September rose 3.59 U.S. dollars, at 82.89 U.S. dollars per barrel, or 4.5%. In the previous trading day, New York crude oil futures prices fell by 2.5%.

European stocks fell sharply, leading French banks to take the lead.

European stock markets slumped sharply on Wednesday. Investors were uneasy about France's possible loss of AAA rating, leading to a plunge in bank shares and a plunge of nearly 15% in 12.92,0.32,2.54%. Pan European Dow Jones Stoxx 600 index fell 3.8%, closing at 223.50 points.

The French, German and Spanish stock indexes fell more than 5%, while the German DAX 30 index fell 5.1%, closing at 5613.42 points. The FTSE 100 index fell 3.1%, closing at 5007.16 points. The French CAC-40 index fell 5.5%, closing at 3002.99 points.

The Italy financial times MIB index fell 6.7%, closing at 14676.04 points. Spain's IBEX 35 index fell 5.5%, closing at 7966 points. (