Spanish protests over austerity measures sent Asian markets lower on Wednesday. The Nikkei sank 2% to 8907, the Kospi declined .6% to 1980, and the ASX 200 eased .3% to 4362. The Shanghai Composite dropped 1.2% to 2004, its lowest level since early 2009, and the Hang Seng fell .8% to 20528,
US stocks fared better, posting narrower losses. The Dow shed 44 points to 13414, the Nasdaq sank .8% to 3094, and the S&P 500 dropped .6% to 1433.
Jabil Circuit tumbled 9.9% after earnings missed estimates. Research in Motion rallied 6.1% after releasing subscriber data which was stronger than expected.
Treasuries and Commodities
10-year notes advanced 16/32 to yield 1.61%, and 30-year notes climbed 1 7/32 to yield 2.78%.
Gasoline futures jumped 3.5% to 3.07, and natural gas rallied 2.9% to 3.195. Crude oil sank 1.4% to 90.09, as the market shrugged off an unexpected 2.4 million barrel drop in crude oil inventories.
Copper skidded 1.2% to 3.712, gold dropped .7% to 1752.10, while silver edged up .2% to 34.02.
Agricultural futures tumbled, as corn fell 2.6%, soybeans lost 2.4%, and wheat sank 2%.
The Dollar traded modestly higher as investors shifted out of risk. The Euro slipped .3% to 1.2869, while the Pound and Australian Dollar declined .2%. The Yen inched up 5 pips to 77.75, while the Canadian Dollar skidded .5% to .9853.
New home sales fell short of forecasts, clocking in at 373K vs. 381K.
Thursday’s economic calendar will include weekly unemployment claims, durable goods orders, pending home sales, and final GDP for the 2nd quarter.
Earnings are due from Micron, Nike, and Research in Motion.