Stocks Plunge Worldwide on Fears of a U.S. Recession

Discussion in '2008 Archive' started by KenH, Jan 21, 2008.

  1. KenH

    KenH
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    "The sell-off was evenly distributed from West to East, with indexes plunging in London, Paris, Frankfurt, Tokyo, Hong Kong, Seoul and Bombay. The Frankfurt Stock Exchange’s Dax index plummeted 7.2 percent, its steepest one-day decline since Sept. 11, 2001. The 7.4 percent drop in Bombay’s Sensex index was the second-worst single-day tumble in its history.

    Stocks followed suit when markets opened in the Western Hemisphere. Canadian stocks were down 4 percent in early afternoon, and a key market index in Brazil was off almost 6 percent.

    And trading Monday in stock index futures, while light and not always a reliable indicator, pointed to a substantial decline when markets reopen on Wall Street. Futures in the Dow Jones industrial average were down 520 points, or more than 4 percent."

    - more at www.nytimes.com/2008/01/21/business/22stox-web.html?_r=1&hp&oref=slogin
     
    #1 KenH, Jan 21, 2008
    Last edited: Jan 21, 2008
  2. KenH

    KenH
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    Oil Drops Over 2%

    "Oil prices are finally taking on board the implications of a U.S. recession and the impact on global oil demand,'' said Adam Sieminski, an analyst with Deutsche Bank AG in New York. ``We expect this process has further to run.''

    Crude oil for February delivery declined as much as $2.02, or 2.2 percent, to $88.55 a barrel in electronic trading on the New York Mercantile Exchange. That's the lowest since Dec. 12. It was at $88.61 at 4:08 p.m. New York time. The contract expires tomorrow.

    The more active March contract fell $2.02, or 2.3 percent, to $87.90 a barrel at 4:08 p.m. New York time. There will be no settlement prices today as the exchange's floor trading session is closed for the Martin Luther King Jr. Day holiday.

    ``The market is concerned about a recession,'' Thina Saltvedt, an analyst at Nordea Bank AB in Oslo, said today in a telephone interview. ``You will see an effect on demand in the first half of the year.''

    Brent crude for March settlement fell as much as $1.87, or 2.1 percent, to $87.36 a barrel on the ICE Futures Europe exchange. The contract settled at $87.51 at 6:28 p.m. London time."

    - more at www.bloomberg.com/apps/news?pid=20601086&sid=aZ27ochp3ntw&refer=latin_america
     
  3. KenH

    KenH
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    Fed cuts ¾ point, markets recover some

    "The Federal Reserve unexpectedly cut interest rates by three-quarters of a point this morning, citing greater risks to the economy.

    The move came after two days of steep declines in foreign stock markets and indications the Dow Jones industrial average would open more than 500 points lower this morning.

    “While strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households,” the Fed’s statement said.

    The Fed cut the rate to 3.5 percent, from 4.25 percent."

    - more at www.kansascity.com/382/v-print/story/455038.html
     
  4. Bro. James

    Bro. James
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    Buy stock in white horses.

    Selah,

    Bro. James
     

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