Stocks drop after six weeks by Zuzana Zelenakova

Six week period during which stocks remained high ended on Tuesday. Investors took a break from chasing risky assets. Also commodity markets have experienced a downturn, oil prices dropped 0.5 percent after keeping highs for eight weeks. Such a development was a result of US crude inventories numbers rising. "We may be close to a short-term peak right now," said Yutaka Miura, a senior technical analyst at Mizuho Securities in Tokyo. The Nikkei stock average remained the same after reaching its six-week maximum. "Given a lack of reasons to really push the Nikkei higher and the fact that it rose over 200 points yesterday, this is a good level for a bit of profit-taking." In! general, investors remain cautious even though global economy recovery is starting to show off. The dollar went up 0.2 percent against other currencies. The Australian dollar, investors´ favorite when it comes to riskier currencies, went up just 1.3 percent. Safer ones like the yean and gold gained more, yen 3.1 percent and gold 2.5 percent. "The market seems to be in the mood to take a breather at the moment with little appetite for the choppiness and volatility witnessed over the past week. Another sparse data calendar implies little fundamental impulse for currencies today," said Credit Agricole to its clients in a statement. As far as euro is concerned, worries about Greek fiscal crisis still persist and the currency went down to $ 1.3616. Monday, Greek president George Papandreou asked for help and support one again. He would like to see the United States imposing stricter rules on hedge funds and currency traders. "Unprincipled speculators are making billions e! very day by betting on a Greek default," said President Papand! reau dur ing a Monday meeting with US Secretary of State Hillary Clinton in Washington.

related story (sgx16702): http://news.yahoo.com/s/nm/20100309/bs_nm/us_markets_global;...

by Zuzana Zelenakova for SigEx Ventures (http://sigexventures.com)

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