The Hussein Effect
Posted on 11/20/2008 12:32:09 AM PST by bruinbirdman
Stock markets across Asia extended a global sell-off that began in the United States on Wednesday as fears grew about an American recession.
Japan's Nikkei 225 index was the biggest casualty, losing 4.5pc to fall to 7904 points, its lowest level in five years.
Investors were panicked by trade data that showed Japanese exports falling by 7.7pc, the biggest margin in almost seven years, and the trade deficit continuing to widen. Consumer goods companies, such as Nintendo and Sony were the hardest hit, each losing 4pc on fears that the North American market is drying up in the face of a recession.
The global sell-off began on Wednesday after data from the US Federal Reserve projected a recession in the world's largest economy. Japan is already in recession, as is the Eurozone and Hong Kong.
``It's the end of the world as we know it,'' said Raymong Tang who oversees $5.8 billion as chief investment officer at CIMB-Principal Asset Management Bhd., a unit of Malaysia's second-biggest bank.
MSCI's Asian index is less than a point away from the five year low it reached at the end of October. The subsequent rally, that was triggered by global interest rate cuts, enormous fiscal stimulus packages and the victory of Barack Obama in the US presidential election, has all but been wiped out.
In Hong Kong, the Hang Seng Index lost 5.1pc while the South Korean Kospi index slid 5.7pc. Shanghai was the best performer in the region, losing only 1.2pc as investors continued to take heart from the Chinese government's efforts to stimulate state-owned companies and light industries, such as textile manufacturers.
Meanwhile, a former senior official at the People's Bank of China, the Chinese central bank, called for the Chinese yuan to be fully convertible, in a sign that China is
(Excerpt) Read more at telegraph.co.uk ...
Obamarama’s fault.
Dear Leader has a mess on his hands. His solution? Blame the American people.
Obama-dama-ding-dong...
Actually it accelerated down when it was apparent he was going to win before the election.
Yes he does. Ugly times ahead for us.
The largest single, two, and three day point losses in history, post election day were recorded after Obama’s victory. Those three days the market lost close to 1000 points, straight down.
Since then there have only been three up days, and the market has tanked just short of 17% in eleven days of trading.
You are right. There was no rally. However, there was a crash.
The market opened at 9616.60 on November 5th. It closed yesterday at 7997.28. That’s a drop of 1619.32 points.
Futures contracts for the Dow show that it is positioned to open 111 points down right now. That would increase the loss since Obama was elected to 17.684%.
The NASDAQ which lost 6.53% yesterday alone to close below 1400 for the first time in years, is poised to lose another 2% on the open.
The media told us that electing Obama would restore U.S. public and even global confidence in the U.S.
That was about as accurate as every thing else they told us about The One.
Gee what a photo. What do ya suppose he’s yellin’?
THE!!!
Power belching contest.
So much for the decoupling theses.
eeeeewwwwwww
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