World stocks mixed after more grim US housing news
World stock markets were listless Tuesday in light pre-Christmas trading as early gains were erased by the latest batch of woeful U.S. economic data.
Most markets were up earlier in the session but the gains were erased by news from the National Association of Realtors that existing U.S. home sales slumped by 8.6 percent in November from the month before, while the Commerce Department reported new home sales fell by a more modest 2.9 percent, but still a 17-year low.
‘The November home sales report illustrates the ultimate risk in a situation where negative business cycle momentum persists for an excruciating length of time,’ said Brian Bethune, chief U.S. financial economist at IHS Global Insight.
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December 29, 2008 | Filed Under Real Estate
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