Kathianne
10-06-2008, 05:13 AM
It's 5:10 am and all is 'gloom & doom':
http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/world_markets
Asian markets plunge on fears crisis is spreading
By ALEX KENNEDY, Associated Press WriterMon Oct 6, 3:02 AM ET
Asian stock markets plunged Monday as investors took scant comfort from Washington's passage of a $700 billion bank bailout and focused instead on deepening financial turmoil in Europe that threatens to slow global growth.
Traders were spooked by Germany's announcement Sunday of a new bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
A dismal report on the U.S. job market released Friday added to the gloom, fanning worries about U.S. consumer demand for Asian exports.
Japan's benchmark Nikkei 225 average sank 4.2 percent to 10,475, while Hong Kong's Hang Seng index slid 3.4 percent to 17,089. Markets in mainland China, Australia, South Korea, India, Singapore and Thailand also fell sharply. Indonesia's key index plunged more than 5 percent.
"This credit crunch looks like it's not going away any time soon," said Alex Tang, head of research at brokerage Core Pacific-Yamaichi in Hong Kong. "Apart from a credit crunch in Europe, investors are quite concerned about the worsening outlook on the U.S. economy."...
http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/oil_prices
Oil falls below $90 as financial turmoil spreads
By ALEX KENNEDY, Associated Press Writer 49 minutes ago
Oil prices fell to an 8-month low below $90 a barrel on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.
Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.
Oil prices have tumbled nearly 40 percent since peaking in July. The Nymex front-month contract last traded this low in early February.
The drop came as world stock markets plunged amid growing investor anxiety that the U.S. bad debt crisis is enveloping Europe. Germany announced Sunday a bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
"What happened over the weekend was further evidence of the spread of this financial crisis to Europe," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "This deepens the sentiment that we're going to see a more widespread economic slowdown or even recession, and that's no good for oil demand."...
What is interesting is how it's repeated that the US problem has infected Europe, rather than any acknowledgment that hard as it is to believe, their banking standards are worse than ours.
I'm beginning to believe that the reason so many Europeans dislike the US, is they've become convinced that we control them.
http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/world_markets
Asian markets plunge on fears crisis is spreading
By ALEX KENNEDY, Associated Press WriterMon Oct 6, 3:02 AM ET
Asian stock markets plunged Monday as investors took scant comfort from Washington's passage of a $700 billion bank bailout and focused instead on deepening financial turmoil in Europe that threatens to slow global growth.
Traders were spooked by Germany's announcement Sunday of a new bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
A dismal report on the U.S. job market released Friday added to the gloom, fanning worries about U.S. consumer demand for Asian exports.
Japan's benchmark Nikkei 225 average sank 4.2 percent to 10,475, while Hong Kong's Hang Seng index slid 3.4 percent to 17,089. Markets in mainland China, Australia, South Korea, India, Singapore and Thailand also fell sharply. Indonesia's key index plunged more than 5 percent.
"This credit crunch looks like it's not going away any time soon," said Alex Tang, head of research at brokerage Core Pacific-Yamaichi in Hong Kong. "Apart from a credit crunch in Europe, investors are quite concerned about the worsening outlook on the U.S. economy."...
http://news.yahoo.com/s/ap/20081006/ap_on_bi_ge/oil_prices
Oil falls below $90 as financial turmoil spreads
By ALEX KENNEDY, Associated Press Writer 49 minutes ago
Oil prices fell to an 8-month low below $90 a barrel on speculation that the spreading financial crisis will exacerbate a global economic slowdown and cut demand for crude oil.
Light, sweet crude for November delivery was down $4.69 to $89.19 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.
Oil prices have tumbled nearly 40 percent since peaking in July. The Nymex front-month contract last traded this low in early February.
The drop came as world stock markets plunged amid growing investor anxiety that the U.S. bad debt crisis is enveloping Europe. Germany announced Sunday a bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country's second-biggest commercial property lender, part of a scramble by European governments to save failing banks.
"What happened over the weekend was further evidence of the spread of this financial crisis to Europe," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "This deepens the sentiment that we're going to see a more widespread economic slowdown or even recession, and that's no good for oil demand."...
What is interesting is how it's repeated that the US problem has infected Europe, rather than any acknowledgment that hard as it is to believe, their banking standards are worse than ours.
I'm beginning to believe that the reason so many Europeans dislike the US, is they've become convinced that we control them.