Market News - 08 Jul 2009

U.S. and European Market Roundup

• The DJIA down 161.27 points to 8,163.60 points.
• U.S stocks fell to their lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy is not yet on the path to recovery and that the corporate earnings season starting this week will be weak.
• European equities ended down for a fourth straight session on Tuesday, led lower by utilities and energy shares, as investors remained nervous ahead of earnings figures and worries about the pace of global economic recovery.

Macro and Corporate New

• Property developer Glomac is cutting its property sales target by half for fiscal 2010 as demand falters due to the global economic downturn, a top executive said yesterday.