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US Equities plunge, IMF downgrades global growth

FXStreet (Mumbai) - US Equities opened lower after risk appetite took a hit earlier today on concerns of German economic slowdown. Bears are taking control of the markets after the news hit the wires that the International Monetary Fund (IMF), in its latest projections, lowered its global growth forecasts for 2014.

The DOW 30 is trading 0.80% lower at 16857.50 while the S&P is trading 0.70% lower at 1942.00. European indices have extended their losses with the Dax down by more than 1%. The IMF now expects world growth at 3.3 percent in 2014, or 0.4 percent lower than predicted in spring.

However, markets may find some respite on the fact that the fund has urged to the governments and the central banks to undertake growth stimulus programs to counter the slowdown.

Dow 30 technical levels

Dow has a strong support of 16800; breach of which shall open doors for 16746 (low of 26th June, 2014). Bulls may come-in once again if the index takes out the resistance level of 16937 (low of 12th Sep, 2014)

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