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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Gloom grips markets braced for US earnings season AFP - Wednesday, April 8 WASHINGTON (AFP) - - Investors braced Tuesday for the US corporate earnings season that many expect will be brutal as the prolonged recession bites, and data showed a steeper contraction in the eurozone. ADVERTISEMENT Pessimism gripped financial markets, particularly stock markets, as the US corporate earnings season got under way and concerns mounted about the embattled banking sector. "Doubt has returned," Briefing.com analysts said. "There is plenty of reason to suspect that this is not a typical cycle and that the market perhaps got ahead of itself" in posting a four-week Wall Street rally, they said in a client note. Financial sector concerns hammered markets after a newspaper report highlighted the depth of the bad asset problem plaguing institutions. According to the Times of London, the International Monetary Fund (IMF) will project troubled assets racked up by banks and insurers will rise to four trillion dollars, The IMF said in January that it expected the deterioration in US-originated assets to reach 2.2 trillion dollars by the end of 2010, but its next forecast sees 3.1 trillion dollars, the report said. In addition, the IMF was likely to forecast 900 billion dollars for toxic assets originated in Europe and Asia, the Times said. The IMF declined to comment on the report. "Financials are ... under pressure after the London Times reported the International Monetary Fund was set to forecast that the 'toxic assets' that are clogging banks' balance sheets could reach four trillion dollars," said analysts at Charles Schwab & Co. brokerage. US banks begin reporting earnings next week. Wachovia Securities chief market strategist Al Goldman underlined "continued concern over the financial institutions." "The market is more vulnerable to the expected poor first-quarter earnings' and disappointing management' outlooks given the recent sharp advance in stocks," Goldman warned. News of a deeper than expected recession in the eurozone, a massive contraction projected for Ireland, and a World Bank forecast of slowing growth in East Asia also stoked fears the global economic downturn has no end in sight. The Eurostat statistics agency said the eurozone suffered a 1.6 percent contraction in the 2008 fourth quarter, slightly worse than the prior 1.5 percent forecast. It was the bloc's third consecutive quarterly contraction. "The negative European GDP numbers were worse than expected," said Manus Cranny, markets commentator at MF Global Spreads in London. "They are a stark reminder that 2009-2010 is going to be an incredibly tough year." Ireland, once the eurozone's booming "Celtic Tiger" economy, slashed its growth forecasts in an austerity budget that includes tax hikes and spending cuts as the country struggles to cope with ballooning deficits amid recession. The country projects gross domestic product (GDP) will shrink at an annual rate of 7.7 percent this year, and contract 2.9 percent in 2010. It had previously forecast a 6.75 percent contraction for 2009. "We are the living witnesses to the most dramatic collapse in the world financial order since 1929," Finance Minister Brian Lenihan told lawmakers in Ireland's lower house of parliament. Outside the 16-nation eurozone, data showed Britain's February manufacturing output declined for the 12th consecutive month, plunging by a hefty 13.8 percent, its largest annual decline in 28 years. Stocks were mostly lower in Asia as the World Bank cut its growth forecast for developing East Asia and warned of a "painful surge" in unemployment. With markets still digesting news of a new Japanese stimulus package to revive Asia's largest economy, Japan's central bank held unchanged its super-low 0.1 percent interest rate, hoping to pull out of the worst recession in decades. European stock markets fell and US shares ended sharply lower ahead of the January-March earnings reporting season, which kicked off after the market close with aluminum giant Alcoa, a Dow component. The Dow Jones Industrial Average dropped 2.34 percent, the Nasdaq composite 2.81 percent and the broad-market Standard & Poor's 500 shed 2.39 percent. Alcoa posted its second consecutive quarterly loss as aluminum prices plunged amid a sharp global economic downturn. The higher than expected 497-million-dollar net loss in the first quarter followed a loss of 1.2 billion dollars in the 2008 fourth quarter. "Investor reaction to Alcoas earnings may set the initial tone of how the stock market reacts to what is expected to be simply awful earnings," said Frederic Dickson, chief market strategist for DA Davidson & Co. "The question remains whether analysts have lowered expectations enough." Email Story IM Story Printable View Blog This Recommend this article 3 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Traders work on the floor of the New York Stock exchange during afternoon trading April 2, 2009 in New York City. Investors braced Tuesday for the US corporate earnings season that many expect will be brutal as the prolonged recession bites, and data showed a steeper contraction in the eurozone. Most Popular – Top Stories Viewed Journalists get shock with 'sexy' White House call World's first hands, face transplant Explosives chemical found in US baby formula Gloom grips markets braced for US earnings season Ailing lender RBS to cut up to 9,000 jobs View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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