Stock Market As Of Today
Posted 22 January 2008 - 01:17 AM
SINGAPORE (Reuters) - Stocks tumbled across Asia as panicky investors feared a U.S. recession could derail global economic growth, and a sharp drop in U.S. stock index futures pointed to heavy selling in New York later on Tuesday.
Share markets from Tokyo to Sydney slumped 5-7 percent, with the Australian market suffering its worst-ever one-day fall, and India's benchmark Sensex crashed more than 11 percent, triggering a trading halt.
Industrial metals such as zinc and copper plunged and oil fell well below recent record highs, prompting investors to flee to safe-haven government bonds.
Billionaire investor George Soros said the world was facing the worst financial crisis since World War Two and the United States was threatened with recession.
"We really do have a serious financial crisis now," Soros told Austrian daily Standard in an interview.
"It's like a funeral in here," said Ken Masuda, senior equities dealer at Shinko Securities in Tokyo. "No one knows what's going to happen tonight in New York. It's like we've gone blind, you don't know what's coming.
"Until we see New York, all we can do is sell," he said.
U.S. stock index futures fell around 4.5 percent, signaling a sharp sell-off on Wall Street later.
Posted 22 January 2008 - 01:21 AM
THE website of Australia's largest online share broker crashed today as investors traded feverishly amid a fall in stock values of more than 7 per cent - the local market's worst day in a decade.
Australian stocks recorded their 12th straight day of losses and their biggest loss since October 1987.
The website of Australia's largest online share broker, CommSec, crashed for half an hour amid a selling frenzy as investors sought to reduce their exposure to the tumble.
With Wall Street closed yesterday for a US public holiday, investors fear New York stocks will tumble tonight in response to losses elsewhere.
The benchmark S&P/ASX 200 Index finished down 393.6 points, or 7.05 per cent, at 5186.8. The index has dropped 17.8 per cent over past 12 sessions and has fallen 24.3 per cent since its November all-time high, taking it into official bear-market territory.
The broader All Ordinaries closed down 408.9 points, or 7.26 per cent, at 5222.0. The All Ordinaries index had its biggest one-day fall since October 1987.
Posted 22 January 2008 - 01:23 AM
Tuesday, 22 January , 2008, 10:43
Last Updated: Tuesday, 22 January , 2008, 10:54
The bottom fell out of the market on Monday, when the Sensex fell 7.41 per cent - its eighth biggest fall ever. In absolute terms, the 1,408.35-pt crash was the bloodiest ever, wiping out Rs 6.64 lakh crore of investor wealth in a day. The Sensex closed at 17,605.35.
All global markets were down on rising uncertainty over the health of the US economy. Foreign investors (FIIs) led by Merrill Lynch and a George Soros fund are said to have sold heavily in India. “Funds that were sitting on say, 70-80 per cent profits, which would not have sold two weeks ago when the markets were going up, sold today when they saw profits erode,” says Ambareesh Baliga, vice-president, Karvy Stock Broking.
Posted 22 January 2008 - 01:23 AM
www.chinaview.cn 2008-01-22 10:11:33 Print
MADRID, Jan. 21 (Xinhua) -- The Spanish stock market registered on Monday its worst fall since 1987 with a drop of 7.54 percent, placing Ibex-35, Spain's main stock market index, at 12,625 points.
This is the first time since 2006 that the market closed below the 13,000 points. It reached a historic high two months ago at 15,945 points.
The fall is among the decline wave on the international stock markets due to the persisting signs of a weakening economy of the United States.
The Spanish government has followed what is happening "with interest, hour by hour" to see "things clearly" to take necessary measures, said Pedro Solbes, Spanish minister of economy and finance.
He also said "there is no reason to exaggerate" the effects of the fall and stressed that Europe "is reasonably prepared" for a slowdown.
Editor: Jiang Yuxia
Posted 22 January 2008 - 01:25 AM
By Anselm Waldermann
Markets crashed all across Europe Monday, with Germany's DAX losing 7 percent of its value. But analysts advise against panic -- in fact, they say, now might be a good time to pick up some cheap stocks.
Five percent, 6 percent, 7 percent: For the German DAX stock market index, Monday was a day of steep falls. A €1 billion loss at the bank WestLB, combined with the fears of a global recession (more...), helped push the DAX beneath the psychologically important 7,000-point mark.
It wasn't just the DAX which was hard hit. London's FTSE 100 index also fell 4.5 percent, while in Paris the Cac-40 dropped 4.6 percent. Elsewhere the Tokyo Nikkei 225 index fell by 3.9 percent. US markets were closed for a public holiday, however.
The trigger for the market crash was the news from WestLB on Monday morning. Over the weekend, the bank had to admit to a billion-euro capital requirement because of misguided investments on the US mortgage market. "At first they gave the impression that they had nothing to do with the cheap loans in the US -- and then suddenly €2 billion were missing (more...)," chides Jürgen Kurz of DSW, a German association which represents private investors. "That unsettles the market tremendously. The result is panic selling like today." Other banking stocks fell into the downward spiral. "What we are seeing is an avalanche," says Kurz.
Posted 22 January 2008 - 01:33 AM
Oommen A. Ninan
Sensex crashes 1408 points on global cues
Metal, realty, oil and gas, power,
automobile stocks take a hit
Sub-prime credit shakeout hits
global financial institutions
MUMBAI: Mirroring the weakness of the global markets, in a dramatic turn, the domestic stock market crumbled by 1408.35 points, recording the sharpest ever fall in the history of Indian equity market. Stocks of metal, realty, oil and gas, power, public sector units and automobile, triggered Monday’s fall, which was broad-based.
The Bombay Stock Exchange (BSE) halted trading for a brief period as the BSE 30-share sensitive index (Sensex) slumped by more than 2000 points (or more than 10 per cent) in intraday. However, it recovered and limited the fall to 7.41 per cent or 1408.35 points and closed at 17605.35.
Posted 22 January 2008 - 01:37 AM
Investors in Europe's leading companies lost more than €240 billion yesterday as global stock markets crashed amid fears that the world is plunging into a recession.
The value of companies listed on the Dublin Stock Exchange plummeted by 4.17 per cent, roughly €3.6 billion, as panic spread through Europe from Asia, where the fear-driven sell off began on Monday morning.
Reports estimated that losses on blue chip indices of Europe's biggest public companies amounted to $350 billion (€242 billion). It was the biggest one-day fall on European stock markets since the terrorist attack on New York's World Trade Center in September 2001.
Yesterday, dealers in Dublin pointed to over four million shares being sold in Allied Irish Bank and almost six million in Bank or Ireland as evidence that investors were dumping equities.
"It's a complete meltdown, everybody just wants cash," one trader told The Irish Times.
In Frankfurt, one of Europe's main financial hubs, a dealer said there was complete panic on Germany's stock exchange.
"It's a classic crash," he added.
The Morgan Stanley Capital International (MSCI) index, which tracks the value of all stocks on developed world markets, plunged 3.3 per cent, finally wiping out gains made by equities over the last year.
Since the beginning of the month, its value has fallen by 12 per cent.
Irish workers will be directly affected by a drop in the value of their pensions, most of which include share investments pegged to national and international indices such as the Iseq index of Irish shares and the MSCI.
The FTSE Eurofirst index, which benchmarks Europe's top investments, dropped 5.8 per cent, taking its year-to-date losses to 15 per cent. In London, the FTSE index shed 5.6 per cent.
Fears that the US is about to slip into recession and take the rest of the world with it sparked yesterday's crash. The problems faced by the US stem from the fact that a large number of its banks fuelled a credit bubble by giving mortgages to individuals with bad credit histories, who would normally be judged high risk, prompting the so-called sub-prime lending crisis.
The value of the homes against which the loans were given began to fall last year and many of them defaulted. US banks now fear that the problem is spreading through the system to other forms of credit.
Last week, US president George W Bush proposed a $140 billion package to stop the slide into recession but stock market analysts said yesterday that investors do not believe it is enough.
Economist, Jim Power of Friends First, predicted that the US and European central banks would have to begin cutting interest rates "aggressively" this year. This would ease mortgage and other borrowing costs.
"The Fed (US central bank) could cut rates by as much as 1 per cent," he said. "The European Central Bank is going to have no choice but to cut rates as well."
Mr Power warned that the Republic is facing into a tough year.
"International investors fell out of love with the Irish economy a year ago, if you superimpose the negative global outlook and stock market turmoil on that, it will further undermine confidence," he said.
"We are facing a very challenging year at least," he said. "But we have got to remember that the world economy will emerge from this in 12 to 24 months and we have to prepare for that by restoring some of our damaged competitiveness.
"We need to continue to address our infrastructure deficit, the Government cannot let up on the National Development Plan, we have to control current spending, and there has to be wage restraint, in the private and public sectors."
© 2008 The Irish Times
Posted 22 January 2008 - 01:59 AM
Posted 22 January 2008 - 03:29 AM
Posted 22 January 2008 - 10:34 PM
Well, not all companies preformed poorly. Look at this one for The TJX Companies, Inc. The company has been preforming quite well in my opinion but that might just be because people want to spend less while purchasing the same, if not more, amount of goods.
On the other hand, Bank of America has reported a 95% drop in profits and a Wachovia has reported a 98% drop.
Edited by Zara, 22 January 2008 - 10:43 PM.
Posted 23 January 2008 - 03:39 PM
SipJAn I'm looking for investors on this great deal!
do you wish to join in ????
Heto chases MosJan chasav
I've been given the opportunity to buy a half of a race horse.
I'm not flush for funds at the moment gold lost $12 so I wondered if you would like to buy a share of my half of the horse.
I enclose a picture of the horse in full gallop below
If you're interested give me a shout and we'll discuss details
Posted 23 January 2008 - 04:33 PM
Posted 23 January 2008 - 04:46 PM
Posted 23 January 2008 - 08:10 PM
How many races do you think it will run before Ash makes xash???
Posted 23 January 2008 - 08:16 PM
By MADLEN READ – 5 hours ago
NEW YORK (AP) — Wall Street pulled off a stunning comeback Wednesday, surging higher in late trading and wiping out what looked to be yet another precipitous decline. The Dow Jones industrials, down more than 323 points in earlier trading, ended the day with an advance of just under 300 points, according to preliminary calculations.
While such volatility has become a hallmark of Wall Street's performance in recent months amid the ongoing housing and credit crisis, analysts saw some positive signs in the day's trading.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — Wall Street bounced around in extremely volatile trading Wednesday, as bargain hunters entered the market and lifted stocks up from their steep losses. The Dow Jones industrials shot up nearly 220 points in late trading after falling more than 320 earlier.
Volatility has become a hallmark of Wall Street's performance in recent months, and there's no sign of it letting up.
"Volatility is certainly the norm now and not the exception," said Art Hogan, chief market strategist at Jefferies & Co. "We have had 14 trading days so far this year and only two of them have been without a triple-digit swing. Three of those days have had 300-point swings."
The Fed's decision Tuesday to lower its federal funds rate by the wide margin of 0.75 percentage point to 3.5 percent has been met with some skepticism, but perhaps gave intrepid investors a reason to buy the severely dented stocks in the financial sector. Rate cuts will eventually boost margins for banks and other lenders, which have been working to lower costs and boost cash levels through layoffs and stock sales.
Moreover, the billions of dollars in mortgage-related losses suffered by the financial companies contributed to months of selling on Wall Street.
Citigroup Inc. rose $2.40, or 10 percent, to $26.80, and another Dow component, JPMorgan Chase & Co., rose $5.09, or 12.5 percent, to $45.95.
The market could be seeing a massive shift, said Steve Goldman, chief market strategist at Weeden & Co.
"The early leaders in a market recovery tend to be banks, REITs (real estate investment trusts) and homebuilders as these are the groups that typically would benefit first from a turnaround. And those have been the market leaders this week," Goldman said. "What has happened is the Fed is flooding the system with liquidity and eventually we should see some traction in the economy. And stocks tend to respond first."
In afternoon trading, the Dow was up 224.68, or 1.88 percent, at 12,195.87 after having been down 323.29 in earlier trading.
Broader stock indicators also turned positive. The Standard & Poor's 500 index rose 19.76, or 1.51 percent, to 1,330.26, and the Nasdaq composite index rose 18.92, or 0.83 percent, to 2,311.19.
Advancing issues were ahead of decliners by about 3 to 1 on the New York Stock Exchange, where volume came to a heavy 2.44 billion shares.
At this point, it is unclear whether the stock market is close to a bear market or has bottomed out. January remains on pace to log its worst January ever. Still, buying, like selling, can feed on itself and investors want to be sure they don't miss out on a rally. What needs to be seen is whether these gains will easily be knocked down again.
Bond prices turned lower as stocks rebounded. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell in earlier trading but then recovered to 3.55 percent, up from 3.41 percent late Tuesday.
The dollar was mixed against other major currencies, while gold prices fell.
Looks like its coming back
Posted 23 January 2008 - 08:28 PM
Avo jan, it was another game for couple of days, the big bosses know what's up, they make you sell, then they buy it all... if you don't sell they make it go down even more, untill they have their goals met and start buying, then the prices go up again and here is the conclusion - for them it's a win win situation, for the people it's a loose loose situation...
We will never know the truth why it went down and why is it coming back up so fast!!!
Posted 24 January 2008 - 01:16 AM
How many races do you think it will run before Ash makes xash???
not even one - Ashot is MAster of Qyavara Qyofta
Posted 24 January 2008 - 02:18 AM
Posted 27 January 2008 - 12:34 AM
The Russian stock market rebounded strongly in early trading on Thursday. But investors remain wary, saying the positive start doesn’t rule out further volatility on the trading floor. More than 10 per cent has been wiped off the value of shares since Monday.
Wall Street made some slight gains overnight, but analysts say the recovery may only be temporary.
The same holds true for early trade in Asia, where the major indices are mostly in positive territory.
Underlying the uncertainty is a fear that the U.S. is heading for a recession, which in turn could trigger a worldwide economic slump.
In Europe on Wednesday, bourses closed deep in the red, fearing the European Central Bank would decline to follow the Fed and cut interest rates.
In Moscow, analysts are predicting more falls. But some analysts, including the Director of the Moscow-based Institute for Economy in Transition, Egor Gaidar, say Russia’s large gold and currency reserves could help it stave off crisis.
“Russia's Stabilisation Fund is the vehicle to deal with this type of problem. If the financial policy in Russia is conservative and reasonable, then of course the Stabilisation Fund would allow us to minimise the negative impact of the global market dynamics on the Russian economy,” Gaidar said.
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