Leading Wall St shares fell in early trading today as the value of the dollar slid on international markets and Kodak issued a USD500m note. By mid-morning, the Dow Jones was down 16.07 points to 9578.91 and the Nasdaq fell 4.63 points to 1888.83. Investors sold off stocks today amid worries over weakness in the US dollar which sank 1.2pc against the Japanese yen to three-year low of 109.60, and the euro was up 0.8pc against the dollar to a four-month high of USD1.1808. The weakness in the currency reflects global concern about the spiralling US budget and current account deficits.
A good start to the third-quarter earnings report season did little to improve investor sentiment. Eastman Kodak lost 3pc in early deals after the photographic products maker said it would offer about USD500m in convertible notes in an effort to improve its balance sheet. The world's second largest soft drinks maker, Pepsico, reporting a 13pc rise in net income on a strong 8pc gain in worldwide sales. Pepsi's earnings were up 17pc, thanks mainly to increased sales of its snack food subsidiaries. Shares, however, dipped 0.4pc. //www.fxcentre.com