Archive for November 20th, 2008

Bonds and Stocks

DJIA Crashes Through a Landmark

November 20, 2008

In Intra-day trading, the DOW today sunk below 7777. Below that level, the current bear market became the largest since the second world war, eclipsing a 45.1% drop from 1051.7 on January 11, 1973 to 577.6 on December 6, 1974. That period had embodied part of a deep recession caused by the first OPEC oil […] More

Currency Markets in the News

Labor Market Prospects Darken

November 20, 2008

Gloom about job prospects was mostly responsible for a five-point drop in Belgian consumer confidence to -22 in November from -17 in October. The unemployment component of the index worsened by 16 points from October and by 50 points from November 2007. Thanks to Germany, where unemployment dropped by 94K in the three months to […] More

Central Bank Watch

Swiss National Bank Slashes Target Rate 100 Bps After Unscheduled Meeting

November 20, 2008

The Swiss National Bank cut its point target on 3-month Libor interest rate by 100 basis points to 1.0%, the center of a 0.5-1.5% range. This was the third reduction between scheduled policy assessment meetings last September and next December. The SNB holds less frequent interest rate policy meetings than most central banks. Prior reductions […] More

New Overnight Developments Abroad - Daily Update

New Overnight Developments Abroad: Continuing Collapse of World Equities

November 20, 2008

Following yesterday’s tumble in U.S. share prices and in response to yen appreciation against all other currencies, the Nikkei fell 6.9%. Elsewhere in Asia, stocks dropped 6.7% in South Korea, 4.5% in Taiwan, 4.0% in Hong Kong, 3.7% in India, 3.6% in Thailand, 3.5% in the Philippines, 3.3% in Vietnam, and 3.1% in Singapore. Australian […] More

Central Bank Watch

Turkish Central Bank Rate Cut of 50 Bps Unpopular

November 20, 2008

The benchmark rate was cut unexpectedly to 16.25% from 16.75%. A released statement argued that disinflationary forces are falling into place and will produce a more rapid drop than anticipated previously. Consumer prices had climbed 12% in the year to October. Officials cited the global credit crunch, weaker domestic activity, and lower commodity prices. The […] More

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