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Saudi stock market first to plunge on S&P downgrade
Telegraph (UK) ^ | 06 Aug 2011 3:24PM BST

Posted on 08/06/2011 9:20:07 AM PDT by DeaconBenjamin

Saudi Arabia's stock market dropped 5.46pc on Saturday as it became the first exchange to react to the historic US credit downgrade.

The Tadawul All-Shares Index closed down 350.43 points to 6,073.44 as all shares tumbled following a tumultous week for global markets which was capped by Standard & Poor's cutting the US credit rating over its $14.3 trillion deficit and debt.

"The S&P rating and problems in Europe... have scared investors," said financial analyst Abdulwahab Abu Dahesh.

The Saudi market was the first to react globally to the S&P statement late on Friday, with the start of the trading week in Saudi Arabia, while all other markets remained shut for the weekend.

Analysts expect markets in Asia and Europe to follow the Tadawul lower on Monday.

"Saudi shares have reacted to two events: sharp drops on Thursday in markets, especially oil, and the S&P cut of the US rating," economist Mohammed al-Omran told Al-Arabiya news channel.

Global oil prices fell sharply last week on fears of a slowdown in the US but recovered after better-than-expected jobs data on Friday.

Saudi Arabia sits on one-fifth of world oil reserves and is the largest exporter of crude oil.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Foreign Affairs; Government
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1 posted on 08/06/2011 9:20:09 AM PDT by DeaconBenjamin
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To: DeaconBenjamin

Black Monday coming here.


2 posted on 08/06/2011 9:27:48 AM PDT by boomop1
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To: DeaconBenjamin

Barry and his ‘RATS are finding out that the real world doesn’t work like the “college” classroom. You can preach and teach bull**** all day long but when all is said and done, it’s still bull****.


3 posted on 08/06/2011 9:27:55 AM PDT by FlingWingFlyer (Americans need to wean their government off of its dependence on foreign money.)
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To: DeaconBenjamin

When (and IF) America starts processing the oil sands and total methane production the Saudi market will crash...

All thats needed is for AMerica to take its shackles off..
To FREE capitalism even freer than its been for 75 years..
The BOOM can happen... a free AMerica can drive FREEDOM again world wide..

-OR- it can die a simpering death...


4 posted on 08/06/2011 9:28:43 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole...)
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To: boomop1

How bad do you think it will be Monday?I’m thinking down about 850 points.


5 posted on 08/06/2011 9:30:37 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: boomop1

That is bloody black Monday, the small boys are going to take a beating.


6 posted on 08/06/2011 9:31:02 AM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: Farmer Dean

At what point do the trading computers shutdown?


7 posted on 08/06/2011 9:33:20 AM PDT by DownInFlames
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To: DeaconBenjamin

How I wish we had adults representing us in Washington.


8 posted on 08/06/2011 9:33:54 AM PDT by rwh
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To: hosepipe
While you're at it, keep your rabid envriofascists away from Canada's oil-sands. (Canada = # 2 in oil reserves; # 1 foreign oil supplier to the U.S.)
9 posted on 08/06/2011 9:35:00 AM PDT by USFRIENDINVICTORIA
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To: DownInFlames

I think after a ten percent swing...


10 posted on 08/06/2011 9:35:08 AM PDT by djf (One of the few FReepers who NEVER clicked the "dead weasel" thread!! But may not last much longer...)
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To: hosepipe
The US currently imp0rts 1.1 million barrels a day from Saudi. Within the next year or two that could easily be replaced by production from North Dakota alone. BTW according to the federal Energy Information Administration the US net imports of oil have dropped to 49%. If the a-holes in Washington would simply get out of the way, the market will solve the "foreign oil" problem in fairly short order, without costing the taxpayers a cent.
11 posted on 08/06/2011 9:39:41 AM PDT by hinckley buzzard
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To: rwh
How I wish we had adults representing us in Washington.

Me too. If we did, they would have passed Cut, Cap & Balance or perhaps the Mack 1% plan and avoided this.

I don't think the general public will blame the Tea Party for this...quite the opposite. But November 2012 seems an eternity away.
12 posted on 08/06/2011 9:42:40 AM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: Farmer Dean

850?

That actually makes me feel better!


13 posted on 08/06/2011 9:43:18 AM PDT by VanDeKoik (1 million in stimulus dollars paid for this tagline!)
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To: DownInFlames

10% loss depending on time of day. If it is near close it won’t shut down. Early in the day...the clock will stop.


14 posted on 08/06/2011 9:43:49 AM PDT by EBH (God Humbles Nations, Leaders, and Peoples before He uses them for His Purpose)
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To: hosepipe

It’s so transparently obvious the extent to which the administration is helping Saudi Arabia by holding us back. They got their boy in the WH, and he’s doing a good job of protecting them. I think they know the this will end eventually though.

They are trying to buy time and US real estate for when this economy explodes in growth and freedom. I can see our economy taking off so fast it might have to have some brakes put on, once we get a business friendly administration.


15 posted on 08/06/2011 9:46:55 AM PDT by CPO retired
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To: hosepipe

You need to learn to take a less Americacentric view. There is a big world and lots of oil customers out there


16 posted on 08/06/2011 9:48:16 AM PDT by bert (K.E. N.P. +12 ....Flash mobs are trickle down leftwing REDISTRIBUTION))
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To: Farmer Dean

They will apply circuit breakers, but that wont help it will be over a thousand.


17 posted on 08/06/2011 9:49:14 AM PDT by boomop1
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To: VanDeKoik

That will be in the first 3 minutes,then they will close trading.


18 posted on 08/06/2011 9:52:25 AM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: FlingWingFlyer

America is the engine of the world...the stupids are clueless....


19 posted on 08/06/2011 9:57:06 AM PDT by shield (Rev 2:9 Woe unto those who say they are Judahites and are not, but are of the syna GOG ue of Satan.)
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To: DeaconBenjamin
It's hard to get an accurate reading on financial markets' reaction to the downgrade based merely on the Saudi exchange. Are/were any other Mideast exchanges open Saturday? The Tel Aviv exchange is open Sunday, beginning, I believe, at 8:30 AM local time (1:30 AM EDT). Any others?

Are gold futures being traded anywhere at present?

20 posted on 08/06/2011 10:18:28 AM PDT by southernnorthcarolina ("Better be wise by the misfortunes of others than by your own." -- Aesop)
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