Posted on 08/08/2011 6:14:03 PM PDT by Steelfish
Worldwide Markets Crash
Markets across the world have taken another hammering as panic-selling ripped through trading floors after America’s credit rating downgrade and Europe’s desperate intervention to stop Italy and Spain spiralling into crisis.
The 178-point decline in the FTSE 100 marked the first time that the index had fallen by more than 100 points for four days running.
By Philip Aldrick 08 Aug 2011
In another febrile day for stock markets globally £46bn was wiped off Britain’s blue-chip index, while the Dow Jones Industrial Average in the US fell more than 600 points, its biggest one-day decline since December 2008.
(snip)
As fear engulfed the markets, investors fled equities for safe havens. Gold hit another record high, climbing 4.2pc to $1,721 an ounce, while the Japanese yen and the Swiss franc strengthened despite dramatic currency interventions by the two countries’ central banks last week.
Louise Cooper, an analyst at BGC Partners, said: “Equity markets are just dropping through the floor. Normally you would expect to see some kind of relief rally as bottom-fishers come in looking for a bargain, but people are just terrified.”
Trading had started hopefully, with benchmark indices in Italy and Spain initially rising on relief that the European Central Bank (ECB) had spent about €2bn (£1.7bn) buying the two countries’ sovereign debt to prevent government borrowing costs rising to levels that could trigger a global crisis.
However, traders remained deeply unsettled by Standard & Poor’s decision to cut the US’s AAA credit rating to AA+ early on Saturday, nipping the relief rally in the bud.
US banks were hard hit as the downgrade injected fresh uncertainty into the financial system. Bank of America tumbled as much as 23pc.
(Excerpt) Read more at telegraph.co.uk ...
No no no...It’s the tea party that caused this with our vast and Godkike powers.
no more bail outs for BofA, after 2012 (Jan., 2013).
Asia is falling more on Tuesday than it did on Monday. Not a good sign. 8000 here we come.
Love this comment!
“Obama’s speech was as forceful and significant as chicken flatulence.”
Overnight Gold spot at 1730
Dow Futures down 130...
That’s how last night started.
http://www.sgxniftydowfutureslive.com/index_files/DOWFUTURES.htm
Did you mean Gaultlike powers?
No, Road Warrior scenario here we come. You have more hope than I FRiend.
THAT was great!
The slide continues:
JAPAN
Nikkei
8,730.62
–366.94
–4.03%
HangSeng
20,490.57
–455.57
–2.17%
CHINA
Shanghai
2,526.82
–99.61
–3.79%
Repeat and repeat often. If the Democrats passed CCB none of this would have happened!
This crowd will vote for Obama again:
Jews (78%); Blacks (90%); adults 18-29 (63%); and NARAL; NOW; GLTB; Hollywood; Hispanics; SEIU and union members, NEA, and according to Gallup: single WHITE FEMALES, (unmarried, divorced, separated or widowed) who voted “overwhelmingly” for Obama.
It does, but the spirit of America still lives in many of us. Obama/Libs/Dems can never destroy that, hard as he/they may try.
Small consolation, I know.
Barry’s kids are about to find out that running the United States of America is not as easy as the grownups made it look.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.