20100719 1130 Global Market News.

Asia stocks slide as US growth fears escalate
SYDNEY, July 19 (Reuters) - Asian stocks fell as a sharp drop in U.S. consumer sentiment added to worries that its economic recovery is losing momentum, with the cautious tone also pulling the euro from two-month highs.
"The key issue driving the market at the moment is slower global growth," said George Clapham, head of equities at Arnhem Investment Management in Australia.  

 

Moody's Investors Service has downgraded Ireland's sovereign bond ratings by one notch to Aa2, citing loss of financial strength, weak growth prospects and banking system problems, the credit rating agency said in a press release Monday. The government's "gradual but significant" loss of financial strength is reflected by the "substantial" rise in the ratio of debt to gross domestic product and a weakening of debt affordability, Moody's said. The country faces weak growth prospects because of a severe downturn in financial services and real estate, as well as a continued contraction in credit to the private sector, it said.

GLOBAL MARKETS: Weak corporate revenues, US data undercut stocks
NEW YORK, July 16 (Reuters) - Global share prices slid on Friday after disappointing revenue reports from bellwether U.S. corporations dovetailed with subdued U.S. inflation and slumping consumer confidence data, driving up the price of Treasuries as investors sought safety.
"Today's U.S. reports provided an unpleasant close to a dismal week of data," said Mike Englund, chief economist at Action Economics in Boulder, Colorado. "The mix leaves an unwelcome lull in activity in the second quarter that has apparently extended into the first month of the third quarter."