Friday, October 10, 2008

Markets Taking Another Hit

When I heard the news from Asia* on this morning's World Business Report on BBC1 at 5:30 this morning I was wondering and fearing just how the European stock markets would respond. Well currently all are at over 8% down on yesterday's close, with the FTSE 100 dipping below 4,000 for the first time in over 5 years. Although it did rally slightly after a sharp drop to a low of 3,955 on opening it has trended downwards again since about 8:30.

It appears that we are heading for recession, no matter what the Governemnts of the world seem to attempt to stem the tide. At some point the share markets should bottom out once the forced selling (to cover losses already accrued) comes to an end. Or at least that is what the markets are hoping for.

Nick Clegg, leader of the Liberal Democrats, has called for a global solution for this global crisis on this morning's Today programme. Backing up his call yesterday for all parties to support the Government's rescue plan.

*Japan taking its biggest one day hit since the 1987 crash. Australia and Hong Kong down over 8% Indonesian trading suspended still.

1 comment:

west-world said...

Stephen,

Just catching up on my reading and I'm intrigued by your previous two posts.

If the SNP candidate is deceiving the Fife electorate in an attempt to get elected then on past by-election form he should do well. I remember the Lib-Dems double-speak on bridge tolls during the Dunfermline by-election and it seemed to serve Wille Rennie well.

It's also a bit disappointing to see Labour/LibDem collusion in resurrecting the Tartan Tory line which Lindsay Roy was also painfully spouting on BBC1 today. I wouldn't expect anything less from Labour who (based on the shameless scaremongering of their call centre during the Glasgow East by election) will try anything to hang on but I fail to see what the LibDems hopw to gain.

Unless, of course, the LibDems would prefer a Labour win to an SNP win?

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