forum Politics and Society ›› Stock Market Crashes 300 points ›› new reply Post Reply
I Am Legion
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January 21 2008 7:27 PM   QuickQuote Quote  
World stocks routed on fears for economy

Mon Jan 21, 2008 4:22pm EST

By Jeremy Gaunt, European Investment Correspondent

LONDON (Reuters) - World stocks nosedived and demand for safe-haven bonds and currencies soared on Monday as fears gripped investors that a deteriorating U.S. economy would drag others down with it.


The losses on the blue-chip stock indexes of Germany, Britain and France alone amounted to more than $350 billion, or roughly the size of the combined economies of New Zealand, Hungary and Singapore.

MSCI's main world stock index, a benchmark gauge of stock markets globally, sank 3.3 percent, falling below its 2007 bottom to lows last seen in December 2006 and taking it down more than 12 percent so far this year.

Its emerging market equities counterpart lost more than 5.5 percent. Meanwhile, the spread between emerging market bond yields and U.S. Treasury yields, a key gauge of risk appetite, was just off its widest in two years.

"Weak global economic data, poor corporate data, increasing fears about the possibility of a recession ... have left investors drowning in a sea of red," said Henk Potts, equity strategist at Barclays Stockbrokers.

The pan-European FTSEurofirst 300 closed down 5.8 percent, taking its 2008 year-to-date losses to more than 15 percent.

U.S. stock markets were closed on Monday for a holiday, but U.S. stock index futures were down sharply suggesting investors were not putting much hope on Wall Street leading a rebound when it returns to business.

Elsewhere, Toronto's stock market was down around 4.5 percent and Japan's benchmark Nikkei average earlier lost 3.86 percent to close at a two-year low.

"Risk aversion is widespread as the market thinks (the economic downturn) is no longer just a U.S. centric story," said Paul Robson, currency strategist at RBS Global Banking.


Investors were carrying through from last week's concern that a fiscal stimulus proposed by President George W. Bush would not be enough to stop the U.S. economy from falling into recession and that the downturn will spread.

Stock markets have been in full retreat this year over the economic fears.

The broad U.S. S&P index had its biggest weekly fall since July 2002 last week.

Many indexes are now more than 20 percent below their recent cycle peaks, a traditional sign that what is occurring is not just a correction but the start of a bear market.

"It's becoming more and more difficult as the market is now in panic," said Hugues Rialan of fund manager Robeco.


Such falls on equity markets sometimes signal to large investors that it is time to buy, but leading investment bank Morgan Stanley said on Monday that was not the case now, at least as far as Europe was concerned.

"We are not compelled to buy yet despite bearish sentiment," its European equity strategy team said in a note. "We continue to prefer cash over equities."
billy ray cyrus, MD
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January 22 2008 8:06 AM   QuickQuote Quote  
asian markets tanked again overnight and european markets are tanking again right now. american futures are down by a few hundred as of this hour.

expect to see a lot of pissed off and depressed suits today.
I Am Legion
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March 2 2008 12:36 PM   QuickQuote Quote  
and again on friday.
Jason Voorheees
dogfood meatballs
6,460 Posts

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March 3 2008 8:21 AM   QuickQuote Quote  
we'll see what happens today.
Solomon Grundy
want pants too
564 Posts

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March 4 2008 2:08 PM   QuickQuote Quote  
not so good today.
Racer X
lost in the ether
1,859 Posts

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March 7 2008 7:17 PM   QuickQuote Quote  
Well, the Dow was down 142 points to 11,893 today and it's looking more like a gradual but steady decline. I'm not sure that's better.
Racer X
lost in the ether
1,859 Posts

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March 7 2008 7:47 PM   QuickQuote Quote  
also, I doubt this helped much:

Employers Slashed Jobs by 63,000 in Feb.

WASHINGTON (AP) - The Labor Department says employers slashed jobs by 63,000 in February, the most since March 2003. The unemployment rate dipped to 4.8 percent as people left the labor force.

Confidence in the economy dropped to a new low as worries about a possible recession, persistent problems in the housing and credit markets and lofty energy prices put people in a more gloomy mind-set.

According to the RBC Cash Index, confidence sank to a mark of 33.1 in early March, down from 48.5 in February. The new reading was the worst since the index began in 2002 and surpassed the previous low reached in February.

although meanwhile,

Canada Adds 43,300 Jobs
By Greg Quinn

March 7 (Bloomberg) -- Canada's job growth topped the most optimistic forecasts for a second straight month in February and wages kept surging, as gains by service providers offset losses in manufacturing.

Payrolls rose by 43,300 last month after a 46,400 gain in January, Statistics Canada said today in Ottawa. The jobless rate remained 5.8 percent, matching a 33-year low set in October. The job gain was more than double the highest forecast in a Bloomberg News survey of 21 economists, which had a median estimate of 3,000.
the end of the lin
183 Posts

March 10 2008 6:09 PM   QuickQuote Quote  
Originally posted by:matt l.

Originally posted by: BillyLostin

Oh hey guys, just wanted to come apologize. I was so wrong. What a bad idea it was to buy stocks on the downturn! I mean, had you listened to me you would've lost so much money as the market moved back up to 14087 today.

Whiskey for Breakfast, you're obviously the pro. Sorry.

down another 150 points today to 11,740.

when you two pull your dicks out of each other's mouths, you may want to pick up a newspaper or something.
I Am Legion
1,057 Posts

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March 14 2008 2:40 PM   QuickQuote Quote  
down 250 points and falling right now.
I Am Legion
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June 26 2008 3:06 PM   QuickQuote Quote  
and again today.

Oil Surges Above $140 to Record as Libya Warns of Output Cut

June 26 (Bloomberg) -- Crude oil jumped above $140 a barrel to a record as Libya threatened to cut output, OPEC's president said prices may reach $170 by the summer and the dollar weakened.

A decision by the European Central Bank to increase interest rates in July may cause the dollar to decline and prompt investors to buy more oil, Khelil, who is also the Algerian oil minister, told the Paris-based television channel.

Threats against Iran would also support prices during the summer, he said. A political crisis that would stop Iran's oil production would push prices over $200 a barrel, to possibly $400 a barrel, he said.
37,498 Posts

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July 1 2008 8:20 PM   QuickQuote Quote  
cause of gas and that's not bushes fault silly
G uNiT UgLy
3,235 Posts

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September 4 2008 8:14 PM   QuickQuote Quote  
Originally posted by:BillyLostin

Originally posted by: Consider Me Dead

down 200 for the day. probably a good time to sell before it's fully 'corrected' itself, which a buddy of mine said will be around the 11,000 mark.

11,000? Are you serious? Don't listen to your buddy. Most analysts say this is a correciton, which means maybe a thousand points followed by a bull market. Even a bear market would have to be pretty fierce to drop to 11,000 from 14,000.

And if you're investing, rather than trading, you should start buying as it drops. Open up a position now, and if it keeps dropping keep buying.

I Am Legion
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September 15 2008 4:09 PM   QuickQuote Quote  
Updated: New York, Sep 15 16:03

U.S. Stocks Tumble, Sending S&P 500 to Worst Drop in Six Years

Sept. 15 (Bloomberg) -- U.S. stocks tumbled, pushing the Standard & Poor's 500 Index to the steepest drop since September 2002, as Lehman Brothers Holdings Inc.'s bankruptcy and declining commodities increased speculation the slump in financial markets and the economy will deepen.

Lehman plunged 95 percent and American International Group Inc. sank 51 percent after more than $25 billion in losses from subprime-related investments in the last four quarters made with mostly borrowed money.

`Down The Drain'

``It's all basically going down the drain,'' said Franz Wenzel, who helps oversee about $830 billion as deputy director for investment strategy at Axa Investment Managers in Paris. ``The rhythm of the shoes that drop has accelerated. That's what we follow with caution.''

DJIA 10,917.51 ...................-504.48 ..............-4.42%
Nasdaq 2,179.91 .................-81.36 ................-3.60%
S&P 500 1,193.66 ................-58.04 ................-4.64%
S&P/TSX 12,281.00 ..............-488.58 ..............-3.83%
Bovespa 48,465.03 ...............-3,927.83 ...........-7.50%
Fuck Nazis.
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September 15 2008 4:13 PM   QuickQuote Quote  
And why is this happening? Because of idiotic lending practices that were helped out by relaxed regulations.

I found out from my grandmother that the 70 year old man who bought the house next to my grandparents' house got it with a 30 year mortgage. You do the math.
billy ray cyrus, MD
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September 15 2008 4:25 PM   QuickQuote Quote  
Originally posted by:billy ray cyrus, MD

good thing all those assholes voted for bush because they thought he'd be good for the economy.

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