It's clearly just a little technical correction today. Japan's Nikkei average inched up on Monday, with short-covering prompting a recovery from the sharp losses of the previous session, and a call from world leaders for Greece to remain in the euro zone helping to soothe investors' jitters.
US stocks fell on Friday after a sloppy debut by Facebook Inc spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood in what has been a gloomy month for equity markets. It was the Nasdaq's most actively traded stock, with more than 566 million shares traded. The S&P 500 dipped below 1,300, seen as a key support level, for the first time since mid-January. Investors were cautious before leaders of the Group of Eight nations met about the euro zone debt crisis. The Dow Jones industrial average dropped 73.11 points, or 0.59 percent, to 12,369.38. The Standard & Poor's 500 Index lost 9.64 points.
European shares were likely to be even more cautiously traded than Asia, with financial spreadbetters predicting that major European markets would open down as much as 1 percent. U.S. stock futures were up 0.5 percent, reflecting a lack of market direction.
For the week Bond funds gained a whopping USD 7.6 billion. For the year, bond funds have taken in about USD 135 billion while stock funds have lost USD 15 billion. On account of the declining US bond yields, India Forex Advisors sees the dollar index above the 81 levels and in the hope of some support from the Indian government.
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