Market Focus Shifts to Global Issues, US Consumer Confidence Tumbles (HCBK, LXK)

On Tuesday attention shifted from domestic issues to the world markets and central bank action after Mario Draghi of the ECB cancelled his planned speech for this coming Friday. Spain's Catalonia region has asked for aid from the government to avoid having to seek a sovereign bailout and Japan has lowered its economic outlook for the second half of the year. The EPA has issued new fuel-efficiency standards for cars by the year 2025. US consumer confidence saw a large drop while the home price index was up for the month of June. In earnings news, Movado Group (MOV) shares soared 17% and Lexmark (LXK) announced job cut plans and saw shares rise 15%.
As Hurricane Isaac approaches the gulf, futures of oil continue to trade higher. The US dollar decreased slightly to both the euro and the Japanese yen.

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Published on Aug 28, 2012
By InvestorGuide Staff

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