Yesterday, US Stocks Market end sharply lower on continuing worries about the health of financial sector after Fitch Ratings placed Merrill Lynch's (MER) long term rating on negative watch, while Fannie Mae (FNM) and Freddie Mac (FRE) extended their losses on continuing fears that the companies will be forced to raise new capital to compensate for losses from the housing slump. The Dow closed down 236.77 points or 2.1% at 11,147.44, the Nasdaq closed down 59.55 points or 2.6% at 2,234.89 and the S&P 500 closed down 29.02 points or 2.3% at 1,244.68.
Cisco (CSCO) also contributed to pressure Nasdaq after analysts at UBS and RBC Capital Markets raised questions about the company's outlook for the fourth quarter. It caused Cisco's shares dropped 5.8%.
Japan's Ministry of Finance said this day that the surplus contracted 5.9 percent from a year earlier to 2 trillion yen (US$18.7 billion). Japan's Exports to the United States were lower, but strong demand from other Asian nations helped soften the effect. The shrinking of current account surplus was driven by slowing exports and skyrocketing oil prices. China's June trade surplus also down 20.7% on year to US $21.35 billion.
The stock markets across the Asia-Pacific region were trading lower this day after Wall Street tumbled overnight.
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