No respite for Europe’s banks

There was no respite for Europe’s troubled banks on Monday as the prospect of horrific fourth-quarter results across the sector was writ large by Royal Bank of Scotland posting the largest loss in UK corporate history.

German financial shares, heavily sold last week, were hammered again as investors reeled on the RBS news and from weekend press reports suggesting that the 20 largest German banks had written down just a quarter of the €300bn of toxic assets on their balance sheets.

As sentiment soured, investors resumed the wave of selling that last week drove Deutsche Bank down 17.5 per cent and saw Postbank lose over 30 per cent of its value. Deutsche Bank fell another 10.5 per cent Monday to €17.90 while Postbank shed another 13 per cent to close at €7.50. Commerzbank rose in morning trade but eventually succumbed to the torrent of selling hitting its peers, falling 2 per cent to €3.10.

I just watched a report on PBS. Asian stocks were down again again significantly. Euro stocks are all over the place early today. Obama's 'change the world euphoria' has millions of sheeple milling in the streets in DC. 'Change, change, change !' . . . Nickels and dimes: ca-ching, ca-ching, ca-ching.

LOL, LOL !

Interesting discussion under Google Finance.

http://finance.google.com/group/google.finance.983582/browse_thread/thread/2771102c577dcbc6

Three hours left to opening. I haven't slept yet.... I got nasty christian gut feeling about this market.

From: hugodrax - view profile Date: Mon, Jan 19 2009 10:24 pm Email: hugodrax Not yet ratedRating: show options Reply | Reply to Author | Forward | Print | Individual Message | Report Abuse | Find messages by this author

European bank implosion and deflation continues, US Govt still clueless and spinning their wheels on the solution, blowing billions while trying to figure out the solution. I see bears for tuesday when the bulls rush for the exit.

EURO is in danger as well, I see issues with the Euro.

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From: one.star.v...@gmail.com - view profile Date: Tues, Jan 20 2009 5:38 am Email: one.star.v...@gmail.com Not yet ratedRating: show options Reply | Reply to Author | Forward | Print | Individual Message | Report Abuse | Find messages by this author

yes. bear market. We miss yesturday market because of holiday Reply

From: DAH...@gmail.com - view profile Date: Tues, Jan 20 2009 5:49 am Email: DAH...@gmail.com Not yet ratedRating: show options Reply | Reply to Author | Forward | Print | Individual Message | Report Abuse | Find messages by this author

After the bump/
You know its coming
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From: Stockpick - view profile Date: Tues, Jan 20 2009 5:57 am Email: Stockpick Not yet ratedRating: show options Reply | Reply to Author | Forward | Print | Individual Message | Report Abuse | Find messages by this author

Jim Rodgers said Britain is done for. All this bad new means ....

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When are we going to find out how much of the TARP money went to bailout banks in Europe and all for naught? And will it be a tipping point - will taxpayers finally get mad enough to DEMAND an end to the bailouts and deficit spending?

Thanks for posting these business articles. They give me ammunition for when I call my Congresscritter and Senators and rant.

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