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    World Stock markets Plunged 5% yesterday

    Save your credits. Important story for US stock market and how it reacts.

    Mutual Funds Center - Yahoo! Finance - Screen, Analyze and Invest in Mutual Funds.

    European, Asian Markets Plunge
    Monday January 21, 10:30 am ET
    By Toby Anderson, AP Business Writer European, Asian Markets Plunge Amid Pessimism Over US Stimulus Plan

    LONDON (AP) -- European and Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
    The U.K. benchmark FTSE-100 dropped 3.9 percent to 5,673.1; France's CAC-40 Index plunged 4.5 percent to 4,861.2, while Germany's slumped 5.35 percent to 6,922.7.
    In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.
    Investors dumped shares because they were skeptical that an economic stimulus plan President George W. Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.
    "We've taken our lead from the Asian markets who have not been impressed by the U.S. There's debate if there's going to be a recession in the U.S. I don't think there's much chance of that though," said Richard Hunter an analyst at Hargreaves Lansdown Stockbrokers Ltd. in London.
    Concerns about the outlook for the U.S. economy, a major export market for Asian companies, has sent the region's markets sliding in 2008. Just last Wednesday, the Hang Seng index sank 5.4 percent.
    "It's another horrible day," said Francis Lun, a general manager at Fulbright Securities in Hong Kong. "Today it's because of disappointment that the U.S. stimulus (package) is too little, too late and investors feel it won't help the economy recover."
    Japan's benchmark Nikkei 225 index slid 3.9 percent to close at 13,325.94 points, its lowest close in more than 2 years. China's Shanghai Composite index plunged 5.1 percent, partly on worries about mainland Chinese banks' exposure to risky U.S. mortgage investments.
    "People are certainly nervous about a potential recession in the U.S. spilling over to the rest of the world," said David Cohen, Director of Asian Economic Forecasting at Action Economics in Singapore.
    "Maybe there's still some wariness about politicians are able to come up with a compromise and act sufficiently quickly" on a stimulus package, Cohen said. "I think the impact would be marginal anyway."
    Investors took cues from the negative reaction to the president's plan on Wall Street on Friday, when the Dow Jones industrial average slid 0.5 percent to 12,099.30, bringing its loss for the year so far to nearly 9 percent.
    Traders also have shrugged off assurances from Federal Reserve Chairman Ben Bernanke that the U.S. central bank is ready to act aggressively -- which means a likely big interest rate cut later this month -- to help the sagging economy.
    Some analysts predict that Asia won't suffer dramatically from a U.S. recession because increased trade and investment within Asia has made the region less reliant on the United States than in the past. Excluding Japan, 43 percent of Asia's exports go to other nations in the region, Lehman Brothers calculates, up from 37 percent in 1995.
    But on Monday, uncertainty and pessimism reigned.
    In Tokyo trading, exporters got hit hard, partly because of the yen's recent strength against the dollar. Toyota Motor Corp. lost 3.3 percent and Honda Motor Co. sank 3.4 percent.
    Shares of Bank of China dropped 6.4 percent in Hong Kong after the South China Morning Post newspaper reported that the bank is expected to announce a "significant writedown" in U.S. subprime mortgage securities, citing unidentified sources. In Shanghai, the bank's stock declined 4.1 percent.
    India's the benchmark Sensex index fell 1,353 points, or 7.4 percent -- its second-biggest percentage drop ever -- to 17,605.35 points. At one point, it was down nearly 11 percent.
    The decline hit companies across the board, with power utility Reliance Energy Ltd. falling 16.4 percent. Major software company Tata Consultancy Services Ltd. slid 7.6 percent
    "A gloomy U.S. climate has affected the global markets. Even if those markets recover, it will take sometime for the recovery to reach India because today's fall has been so drastic," said Jayant Pai, of the Mumbai investment company IL&FS Ltd.
    Still, Pai and others suggested that the declines could lead to a buying opportunity.
    "The sell-off today takes us close to the bottom," she said.
    Since the start of the year, Japan's Nikkei index has declined 13 percent, while Hong Kong's blue-chip index is down more than 14 percent. Even China's Shanghai index -- which nearly doubled last year -- has fallen 6.6 percent over the same period and nearly 20 percent from its all-time closing high on Oct. 16. Associated Press writers Cassie Biggs in Hong Kong, Ramola Talwar Badam in Mumbai and Elaine Kurtenbach in Shanghai Carl Freire in Tokyo contributed to this report.


    Last edited by Wesley; 01-21-2008 at 11:23 AM.
    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

  2. #2
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    Re: World Stock markes Plunged 5% yesterday



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    Re: World Stock markes Plunged 5% yesterday

    Suprisingly the Dow is only down 1/2%.


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    Re: World Stock markes Plunged 5% yesterday

    And overall my portfolio is up.



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    Re: World Stock markets Plunged 5% yesterday

    Can we get some kind of a CyBookie going on this? I would like to invest my Credits, and watch them grow (instead of post-whoring)



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    Re: World Stock markets Plunged 5% yesterday

    The CyMarket I would play around with that.



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    Re: World Stock markes Plunged 5% yesterday

    Quote Originally Posted by brianhos View Post
    Suprisingly the Dow is only down 1/2%.
    The market isn't open today because of the holiday, right?



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    Re: World Stock markes Plunged 5% yesterday

    Quote Originally Posted by TykeClone View Post
    The market isn't open today because of the holiday, right?
    It'll be interesting to see what happens tomorrow.



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    Re: World Stock markes Plunged 5% yesterday

    Quote Originally Posted by TykeClone View Post
    The market isn't open today because of the holiday, right?

    Are they? I have no idea:

    From finance.yahoo.com
    Mon, Jan 21, 2008, 11:44AM ET - U.S. Markets close in 4hrs 16mins.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

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    Re: World Stock markes Plunged 5% yesterday

    Quote Originally Posted by brianhos View Post
    Are they? I have no idea:

    From finance.yahoo.com
    Mon, Jan 21, 2008, 11:44AM ET - U.S. Markets close in 4hrs 16mins.
    When we looked on Yahoo they still had the results from Friday posted and nothing for today. I guess we all just assumed that they were closed.



    What ever happened to truth, justice and the American Way?

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    Re: World Stock markets Plunged 5% yesterday

    Just heard on the radio that everyting is closed today. Seemed to think that it might be a good thing.



    What ever happened to truth, justice and the American Way?

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    Re: World Stock markes Plunged 5% yesterday

    Quote Originally Posted by SuperCy View Post
    When we looked on Yahoo they still had the results from Friday posted and nothing for today. I guess we all just assumed that they were closed.
    Ok, I figured they were closed until I saw that on yahoo.


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  13. #13
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    Re: World Stock markets Plunged 5% yesterday

    The US Market is closed.
    Stock Markets Plunge Worldwide

    Stock Markets Plunge WorldwideJan 21 12:45 PM US/Eastern
    By TOBY ANDERSON
    AP Business Writer


    View larger image

    LONDON (AP) - Stocks fell sharply worldwide Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
    U.S. markets were closed for Martin Luther King Jr. Day, but the downbeat mood from last week's market declines there circled through Europe, Asia and the Americas. Britain's benchmark FTSE-100 slumped 5.5 percent to 5,578.20, France's CAC-40 Index tumbled 6.8 percent to 4,744.15, and Germany's blue-chip DAX 30 plunged 7.2 percent to 6,790.19.
    In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.
    Canadian stocks fell as well, with the S&P/TSX composite index on the Toronto Stock Exchange down 4 percent in early afternoon trading. In Brazil, stocks plunged 6.9 percent on the main index of Sao Paulo's Bovespa exchange.
    Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.
    "We've taken our lead from the Asian markets who have not been impressed by the U.S. There's debate if there's going to be a recession in the U.S. I don't think there's much chance of that though," said Richard Hunter an analyst at Hargreaves Lansdown Stockbrokers Ltd. in London.
    Concerns about the outlook for the U.S. economy, a major export market for Asian companies, has sent the region's markets sliding in 2008. Just last Wednesday, the Hang Seng index sank 5.4 percent.
    "It's another horrible day," said Francis Lun, a general manager at Fulbright Securities in Hong Kong. "Today it's because of disappointment that the U.S. stimulus (package) is too little, too late and investors feel it won't help the economy recover."
    Japan's benchmark Nikkei 225 index slid 3.9 percent to close at 13,325.94 points, its lowest close in more than two years. China's Shanghai Composite index plunged 5.1 percent, partly on worries about mainland Chinese banks' exposure to risky U.S. mortgage investments.
    "People are certainly nervous about a potential recession in the U.S. spilling over to the rest of the world," said David Cohen, Director of Asian Economic Forecasting at Action Economics in Singapore.
    "Maybe there's still some wariness about politicians are able to come up with a compromise and act sufficiently quickly" on a stimulus package, Cohen said. "I think the impact would be marginal anyway."
    Investors took cues from the negative reaction to the president's plan on Wall Street on Friday, when the Dow Jones industrial average slid 0.5 percent to 12,099.30, bringing its loss for the year so far to nearly 9 percent.
    Traders also have shrugged off assurances from Federal Reserve Chairman Ben Bernanke that the U.S. central bank is ready to act aggressively—which means a likely big interest rate cut later this month—to help the sagging economy.
    Some analysts predict that Asia won't suffer dramatically from a U.S. recession because increased trade and investment within Asia has made the region less reliant on the United States than in the past. Excluding Japan, 43 percent of Asia's exports go to other nations in the region, Lehman Brothers calculates, up from 37 percent in 1995.
    But on Monday, uncertainty and pessimism reigned.
    In Tokyo trading, exporters got hit hard, partly because of the yen's recent strength against the dollar. Toyota Motor Corp. lost 3.3 percent and Honda Motor Co. sank 3.4 percent.
    Shares of Bank of China dropped 6.4 percent in Hong Kong after the South China Morning Post newspaper reported that the bank is expected to announce a "significant write-down" in U.S. subprime mortgage securities, citing unidentified sources. In Shanghai, the bank's stock declined 4.1 percent.
    India's the benchmark Sensex index fell 1,353 points, or 7.4 percent—its second-biggest percentage drop ever—to 17,605.35 points. At one point, it was down nearly 11 percent.
    The decline hit companies across the board, with power utility Reliance Energy Ltd. falling 16.4 percent. Major software company Tata Consultancy Services Ltd. slid 7.6 percent
    "A gloomy U.S. climate has affected the global markets. Even if those markets recover, it will take sometime for the recovery to reach India because today's fall has been so drastic," said Jayant Pai, of the Mumbai investment company IL&FS Ltd.
    Still, Pai and others suggested that the declines could lead to a buying opportunity. "The sell-off today takes us close to the bottom," she said. Since the start of the year, Japan's Nikkei index has declined 13 percent, while Hong Kong's blue-chip index is down more than 14 percent. Even China's Shanghai index—which nearly doubled last year—has fallen 6.6 percent over the same period and nearly 20 percent from its all-time closing high on Oct. 16.


    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

  14. #14
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    Re: World Stock markets Plunged 5% yesterday

    Quote Originally Posted by cytech View Post
    The CyMarket I would play around with that.

    That would actually be alot of fun.



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    Re: World Stock markets Plunged 5% yesterday

    London Freefall; Rumours allowed in Sun paper

    FTSE fall wipes £77bn off shares | The Sun |HomePage|News|Sun Money

    FTSE fall wipes £77bn off shares

    Bank of England gives 'no funds' warning

    Sun City

    By STAFF REPORTER
    Published: Today

    THE London stockmarket was in freefall today plumetting 5.5 per cent - the biggest fall since 9/11 terror attacks.

    The FTSE 100 Index tumbled to 5578 points as fears over the health of the world's biggest economy swept through markets across the globe.

    Although traders' nerves steadied later to recoup the worst of the losses, the Footsie was still down by more than three per cent, or 186.2 points, to 5715.5 by mid session.

    The fall came as Asian markets tumbled overnight following losses for the Dow Jones Industrial Average on Friday, when investors were left unimpressed by the US Government's tax-relief plans to spur on the economy.

    Heavily-weighted banking and mining stocks dragged the Footsie lower as concerns over a slowdown gathered pace. HSBC and Royal Bank of Scotland - both with heavy exposure to the US economy - each saw shares lose four per cent, falling 30.5p to 730p and 13.75p to 359.25p respectively.

    Rumours


    Miners also lost out after a rumoured fresh offer from BHP Billiton for Rio Tinto failed to materialise. Bid target Rio fell 310p to 4390p, while BHP slipped 81p to 1297p.

    Peers Vedanta Resources and Anglo American - off 71p to 1661p and 113p to 2478p respectively - also suffered as concerns over faltering global growth weighed on the sector.

    Plumbing and heating giant Wolseley was among the early Footsie fallers, losing almost nine per cent after the company warned of a deteriorating US housing market and falling profits. But the firm recovered the setback as the session wore on to stand just 16p lower at 700p.

    Insurer Standard Life meanwhile was on the back foot amid reports that Trevor Matthews, its head of UK life and pensions, was being lined up as the new chief executive of Friends Provident, currently a bid target for a US private equity firm.

    While it is thought that Mr Matthews turned down the job last week, shares in Standard Life still slipped 8.25p to 203.5p.

    Insurer Friends Provident was one of a handful of firms in positive territory after JC Flowers said it was eyeing a reported £4.1 billion takeover. This pushed shares up almost seven per cent, or 10.3p, to 162.8p.

    In the second tier, Northern Rock led the risers board as the market reacted positively to plans for a private sector rescue for the mortgage lender. Shares were up more than 36 per cent, or 23.5p, to 88p.


    Let my Fred's Posse Ride: Georges, Naz, Hogue, Bryce, Nader, Monte, Matt, and McKay.

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