Beijing time on August 11 morning news, the US stock market fell again on Wednesday, the Dow closed down 520 points. Investors are worried that the European debt crisis may escalate and the global economy will slow down. At 16:00 on August 10th (04:00 on August 11th, Beijing time), the Dow Jones Industrial Average fell 519.83 points to close at 10,719.94 points, a decrease of 4.62%; the Nasdaq Composite Index fell 101.47 points. At 2,381.05 points, the decline was 4.09%; the S&P 500 index fell 51.81 points to close at 1,120.72 points, a decrease of 4.42%. Today, US stocks opened sharply lower. Driven by the rebound of energy and financial stocks, the decline in US stocks has narrowed in the afternoon; the market fell again and closed at the lowest point of the day. Driven by the demand for safe-haven investment, gold futures prices rose sharply. The 10-year Treasury price rose and the yield fell to 2.12% from 2.26% on Tuesday night. Investors are worried about the prospects for US economic growth. Oliver Pursche, president of investment firm Gary Goldberg Financial Services, said, “Investors are still trying to identify whether the US economy is in a second recession, or just slowing down.†In addition to worry, investors are still paying close attention to the situation in Europe, they are worried that Italy or Spain will become the next country unable to pay debts. Due to rumors that France may lose AAA sovereign credit, European stock markets began to fall from midday, closing sharply, and the banking sector was down. After the rumors that France may be downgraded, French President Sarkozy ended his vacation ahead of schedule and held an emergency meeting with the ministers, deciding to introduce the latest measures to reduce the public deficit and protect France's AAA credit rating. Rating agency Moody's said it gave France an AAA rating with a stable outlook. Standard & Poor's also reiterated the French AAA rating and the outlook is stable. Fitch said that the sovereign credit rating for France is still 3A, and the rating outlook is stable. Fitch's Fitch Solutions Inc. pointed out that the sharp increase in French and German credit default swaps (CDS) prices may indicate that the market is increasingly worried about the ability of the weaker countries in the euro zone. In the Asian economy, the market is worried that China's high inflation rate may lead to a slowdown in economic growth. China's car sales in July only increased by 6.7%, much lower than the 32% increase in 2010. Since 2009, less developed countries such as China and Brazil have become the leaders in the global economic recovery. On the economic data side, the US Treasury Department released a report on Wednesday that the US budget deficit fell in July, but still reached $129 billion; the total deficit so far this fiscal year reached nearly $1.1 trillion. The US Commerce Department reported that US wholesale inventories increased in June, but the growth rate reached its lowest level in seven months, mainly because wholesalers kept their inventories at a level consistent with sales. The US Department of Energy's Energy Information Administration reported that the US crude oil inventory unexpectedly decreased by 5.2 million barrels last week. In other news, Capital One Financial (COF) announced that it will acquire HSBC Holdings (HBC)'s credit card business unit in the United States at a premium of approximately US$2.6 billion, including approximately $30 billion in credit card portfolios. The Swiss National Bank has announced that it will take further steps to curb the “large-scale appreciation of the Swiss francâ€, saying that the excessive appreciation of the Swiss franc has already threatened economic growth. Gold futures prices on the New York Mercantile Exchange rose $41.30 to close at $1,784.30 an ounce, or 2.4%, and hit an intraday high of $1,801 per ounce, setting an all-time high. Crude oil futures rose 4.5% to close at $82.89 a barrel. European stocks diving French AAA rating may not be guaranteed Wednesday afternoon European stocks, the main stock index began to dive. It is reported that the French AAA sovereign rating will not be guaranteed after the United States. Many banking stocks began to fall sharply. The French, Italian and Spanish stock markets have become the hardest hit areas. BNP Paribas shares fell 7.4%. The overall situation of the European stock market: the Dow Jones Stoxx 600 index fell 0.2% to 231.66 points. The index also rose 2% in early trading. The euro exchange rate also began to fall sharply. The French CAC 40 index fell 1.4% to 3,132.17 points, the British Financial Times 100 index fell 0.21%, and the German DAX 30 index fell to 0.3% to 5,934.98 points. The Italian stock market fell more than 2%, and the Spanish stock market fell 1%. France plans to push new measures to cut deficits to protect AAA credit rating French President Nicolas Sarkozy ordered US Treasury Secretary Francois Baroin and Budget Minister Valerie Peckreser on Wednesday (Valerie Pecresse) launched the latest measures to cut the public deficit because the US sovereign credit rating has been lowered, making France's tight financial position the focus of the market. Sarkozy also strongly urged all political parties to support a constitutional proposal that would limit future deficits. For the time being, if this proposal is submitted to both houses of Congress for voting, it is likely to end in failure. Sarkozy convened an emergency meeting of government ministers and central bank governors on Wednesday to temporarily suspend the summer recess because the stock market fell sharply, indicating that investors’ anxiety about the debt burden of governments is growing. Baru Ann and Peck Reiser have been asked to hold a meeting with Sarkozy and French Prime Minister Francois Fillon on August 17 to give advice on accelerating the pace of deficit reduction. The Sarkozy office said that government officials will further meet on August 24 and will formally approve deficit reduction measures at the meeting. The global stock market plunged gold prices for the first time to break through the 1,800 US dollars. The international price of gold has risen sharply, continuing the strong trend in recent trading days. It is extremely worried that the global economic outlook and the stock market crash will force many investors to turn to gold (1789.80, 46.80, 2.69%). For the first time in the history of gold prices, it broke through the $1800/oz mark. The gold price has also been strongly promoted by the Fed to maintain 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 0:05 am on Thursday, the price of the December gold futures contract on the New York Mercantile Exchange rose $36.70 to $1779.90, an increase of 2.1%. Earlier, the price of gold hit an intraday high of $1801. US July budget deficit of $129.4 billion lower than expected The US Treasury Department released a report on Wednesday that the US budget deficit fell in July, mainly due to a decrease in spending 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 129.4 billion US dollars, lower than the 165 billion US dollars in July 2010, and lower than the economists had expected; the current fiscal year's budget deficit so far It rose to $1.1 trillion, down from $1.7 trillion in the same period last year. According to a Bloomberg survey, the 25 economists surveyed expect the US budget deficit to be $133 billion in July, with a forecast range of $125 billion to $140 billion. US wholesale inventories increased by 0.6% in June. The US Commerce Department released a report on Wednesday that US wholesale inventories increased in June, but the growth rate reached its lowest level in seven months, mainly because wholesalers kept their inventories at a level consistent with sales. . According to the report, US wholesale inventories increased by 0.6% in June, which was less than what economists had expected. In May, it was revised up by 1.7% from the previous month, which was lower than the previous report's growth of 1.8%. According to a Bloomberg survey, the 34 economists surveyed expected an average US wholesale inventories increase of 1% in June, with a forecast range of 0.3% to 1.5%. At the same time, wholesaler sales in June also increased by 0.6% from the previous month, and the chain fell in May. US crude oil inventories unexpectedly decreased by 5.2 million barrels last week The US Department of Energy's Energy Information Administration (EIA) today released the US crude oil inventory report last week. The report showed that US crude oil inventories unexpectedly decreased by 5.2 million barrels in the week ended Aug. 5. Market research firm Platts survey showed that analysts on average expected US crude oil inventories to increase by 1.8 million barrels this week. The report also showed that US gasoline inventories fell by 1.6 million barrels in the week ended Aug. 5, analysts expect a reduction of 1.2 million barrels; distillate (including diesel and heating oil) stocks decreased by 700,000 barrels, analysts expect an increase of 120 Million barrels. The inventory data released by the Energy Information Administration is in line with the data released by the American Petroleum Institute (API) on Tuesday. New York gold futures rose 2.4% to record the highest closing price New York gold futures prices rose on Wednesday, the third consecutive trading day hit a record high closing price, mainly due to the sharp decline in the stock market, prompting investors to buy gold futures to hedge. On the same day, the New York Mercantile Exchange (NYMEX) Commodity Exchange (COMEX) December gold futures price rose $41.30, to close at $1,784.30 per ounce, or 2.4%, and hit an intraday high of $1,801 per ounce. Set a record high in the session. New York crude oil futures closed up 4.5% at $82.89 a barrel. New York crude oil futures prices rebounded on Wednesday, reversing the closing trend of several consecutive trading days, due to US government reports showing a decline in crude oil inventories last week, and the stock market Sharply fell. On the same day, the New York Mercantile Exchange (NYMEX) September delivery of light crude oil futures prices rose $3.59 to close at $82.89 a barrel, or 4.5%. In the previous trading day, New York crude oil futures prices fell by 2.5%. European stocks fell sharply, French banking stocks led the decline European stock markets fell sharply on Wednesday, investors were uneasy about France's possible loss of AAA rating, causing bank stocks to dive, Societe Generale (12.60, 0.12, 0.96%) plummeted nearly 15%. The pan-European Dow Jones Stoxx 600 index fell 3.8% to close at 223.50 points. The French, German and Spanish stock indexes all fell more than 5%, while the German DAX 30 index fell 5.1% to close at 5,613.42 points. The Financial Times 100 Index fell 3.1% to close at 5007.16 points. The French CAC-40 index fell 5.5% to close at 3002.99 points. The Italian Financial Times MIB index fell 6.7% to close at 14676.04. Spain's IBEX 35 index fell 5.5% to close at 7966 points.
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