News: Stock markets: How low can you go? Today's overview

Stock market rollercoaster

The situation today (Full):
  • New Zealand's benchmark NZX-50 index fell 4.7%, its biggest one-day fall since October 24 1997. Over the past six trading days the market has shed 427 points, or 14%.
  • Australian market watchers called it Black Friday. In Sydney, the benchmark S&P/ASX200 plummeted 8.34%
  • Japan's Nikkei plunged 9.6% to close at its worst week in history.
  • South Korea - The Seoul Composite index dropped 4.1% to 1241 points.
  • China - The Shanghai Composite index fell 3.6% to 2000.
  • Hong Kong's stockmarket closed on a three-year low. The benchmark Hang Seng index was down 1146 points, or 7.2%, to 14,796 after falling by more than 9.5% at one point.
  • Singapore's Straits Times index dropped 7.7%.
  • Indonesia: Share trading was suspended for a third day.
  • Indian Rupee hit an all-time low and the main stock index plunged more than 9%. India's finance minister said on TV that there was no need to worry.
  • Iraq - Baghdad stockmarket is booming, with the general index up by nearly 40% last month.
  • Egyptian stockmarket fell 4.6% to 1993 points, after plunging 16.4% to a two-year low on Tuesday.
  • Zimbabweans are only worried about the official inflation rate of 231 million percent. Independent economists say the real inflation rate is in the trillions.
  • Russia, Romania and Ukraine suspended their stockmarkets today.
  • Czech Republic - Prague stocks fell more than 13%.
  • Hungary shares in Budapest lost more than 12%
  • Poland's zloty hit an eight-month low.
  • Iceland had no international trade of the Icelandic crown today after its banking sector, currency and economy crashed.
  • Austria's trading briefly halted in Vienna this morning.
  • France - The CAC-40 index in Paris dropped more than 10% to 3089 this afternoon.
  • Germany - the Dax dived by more than 9% in the afternoon.
  • Sweden's market fell nearly 6% to 196 points this morning.
  • Italy - half of Milan stocks were suspended after excessive losses.
  • Spain - Madrid stock exchange lost 8.7%
  • Switzerland - The Swiss market dropped nearly 7% to 5394 points.
  • UK - A wave of panic selling wiped more than £100bn off the value of Britain's biggest companies. The FTSE 100 plummeting by more than 10% in early trading. The index fell by 438.8 points.
  • United States - the Dow Jones plummeted nearly 700 points in the first ten minutes of trading to 7882, a fall of 8%. Losses for the year totaled a staggering US$8.3 trillion, as measured by the Dow Jones Wilshire 5000 Composite Index. (Full)
  • Brazil's main stock index plummeted more than 10% in early trading.
[Ed: All I can say is: "Thank you, Mr Bush. A nice legacy. This must be the peak of your governance!"]

Cartoon courtesy of Bill McLemore and Gwinnett's Forum.


Anonymous,  12 October, 2008 19:41  

Mr Bush the super president of the best democracy of the whole world (self proclaimed) has been recorder to day as having the second lowest popularity rating among all presidents in US history being tied with President Nixon, few days before he left office...

I guess the accumulated bills for the war to "protect" the worlds best democracy is finally catching up. Deregulating so massive fraud could happen in the banking system was a good way to try cover up the real deal.. Unfortunately the US will now pay.. unfortunately it will drag the rest of the world down the same time.

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