U.S.
stocks fell for a second day as economic data signaled a slowdown in
American manufacturing and some banks said Russia™s economy will enter a
recession.The Standard & Poor™s 500 Index fell 0.5 percent to 1,857.45 at 4 p.m. in New York, trimming an earlier decline of as much as 0.9 percent.
The Markit Economics preliminary index of U.S. manufacturing decreased to 55.5 in March from 57.1 a month earlier, the London-based group said today. A reading above 50 indicates expansion. This month™s reading was the second-highest since January 2013.
Sanctions imposed by the U.S. and the European Union are pushing Russia toward a recession as the intensity of their economic penalties increases after the annexation of Crimea earlier this month.
Banks including state-run VTB Capital say the world™s ninth-biggest economy will shrink for at least two quarters as penalties for annexing Crimea rattle markets, curb investment and raise the cost of borrowing. Sanctions that have so far focused on individuals via visa bans and asset freezes may be expanded to target specific areas of the economy.
The Group of Seven major powers decided to hold a summit in Brussels in June instead of a planned G-8 meeting in Sochi in the latest sanction against Russia. President Barack Obama and his fellow G-7 leaders met in The Hague today to agree on the next steps in the crisis, amid growing concern that Russia is building up its forces on the border with Ukraine.
Copy Source : Bloomberg
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