Financial markets slumped in the US session as the debt panel of the Congress failed to agree on the 1.2B deficit cut deal. Wall Street declined across the board. Although sentiment recovered modestly after Moody’s and S&P’s pledged that they would retain the credit rating of the US, DJIA and S&P 500 still made loses of -2.11% and -1.86% respectively. In the commodity sector, the front-month contract for WTI crude oil plummeted to as low as 95.24 before settling at 96.92, down -0.50%, while the equivalent Brent crude contract slipped to a 6-week low of 105.65 before ending the day at 106.88, down -0.63%. Gold failed to act as a safe-haven but instead fell in tandem with risky assets. The benchmark Comex contract lost -2.70% to settle at 1678.6.
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Financial Markets Tumble on US, European Debt Issues
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