Unexpectedly weak results from Google dragged down equities on Friday, while the euro fell against the US Dollar, hurt by a perceived lack of progress on a Spanish bailout request. That weighed heavily on Gold Prices, which become more expensive for holders of other currencies when the US Dollar firms. The Google results were followed by other major U.S. companies, General Electric to McDonald’s Corp. and Microsoft Corp. reporting disappointing earnings results on Friday added pressure on World stock markets. The S&P 500 slipped for a second day after rallying 2.3% over the previous three sessions. With three weeks to go before the U.S. Presidential election there’s a bit of hesitancy to keep bets open. Markets are largely in a ‘wait and see’ mode at the moment, with elections in the United States and the transition of power in China happening early November. “Given the importance of China and the US in the global economy, we might not see strong positioning taking place in the next few weeks.
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