Thursday, November 15, 2012

Global shares sink on 'fiscal cliff,' Europe recession

Global stocks fell for a seventh day today after data showed the euro zone entered a recession in the third quarter and on fear of the US "fiscal cliff," and oil prices declined despite a flare-up of violence in the Gaza Strip.

The Dow Jones industrial average was down 32.49 points, or 0.26 percent, at 12,538.46. The Standard & Poor's 500 Index was down 2.11 points, or 0.16 percent, at 1,353.38. The Nasdaq Composite Index was down 8.39 points, or 0.29 percent, at 2,838.42.

European stocks ended lower after data showed the euro zone had slipped into recession, with the Netherlands particularly hard hit.

The FTSEurofirst 300 index of top European shares closed 0.9 percent lower at 1,078.64 points, a level not seen since early September, while Amsterdam's AEX benchmark tumbled 1.8 percent.

In Asia, the Nikkei average closed at a one-week peak in high volume as Japan's main opposition leader's comments to urge further easing and to defend public works spending lifted exporters and contractors.

The Nikkei gained 1.9 percent to 8,829.72, hitting a one-week high. It was the biggest percentage gain in a month. The broader Topix index climbed 2.1 percent to 737.51.