Skip to comments.Markets Are Diving All Across Asia
Posted on 03/17/2013 7:03:27 PM PDT by blam
Markets Are Diving All Across Asia
March 17, 2013
The weird thing about finance: A bailout deal that will save Germany a few billion in taxpayer dollars (by shifting the burden to Cypriot depositors) is wiping exponentially more than that off the world's market indices today.
CNBC's Deirdre Wang Morris tweets a photo of the CNBC Asia market wall, which is as good a way as any other to see the carnage.
(Excerpt) Read more at businessinsider.com ...
1 percent, is that a dive?
Have a feeling Cyprius is part of the reason of this. It reflects the entire EU as well as Russia.
S&P500 futures -19.5 but, of course, PPT hasn’t even entered the picture yet.
U.S. stock-index futures, euro falling
By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) Asia stocks reacted badly on Monday to details of a bailout of Cyprus over the weekend with U.S. stock-index futures and the euro also sharply lower as investors fretted about the potential implications of a decision to levy private bank deposits.
The entire global Ponzie scheme is made up of imaginary money backed up by fiat currency backed up by IOUs that are backed up with nothing.
Copper down almost two percent as well and that metal often gives the “truest tell”.
No one will put money in a bank that steals it.
It’s just that simple.
That’s a mid-biggish move on Cu. Copper gave a head fake to the upside last week but took it right back. In all this hoopla over “the recovery” copper has been my tell that it ain’t happening quite the way the pundits seem to be pumping it.
Financial SHOCK and AWE has sent the Greek cypriot population into a panic as the Government of Cyprus upped the anti in the game of systemic theft of wealth from savers / all depositors by virtue of the Governments announcement to steal an average of 10% of ALL bank deposits in Cypriot banks as part of a Euro 10 billion bailout plan, including declaring a bank holiday to prevent bank runs whilst the fine details are worked out as to exactly who will have what percentage stolen from their bank accounts.
Euro sell off across the board.
Eur/Yen, long considered a barometer of risk assets is experiencing a huge gap down in early trading.
A break below 120.00 would signal a real trend reversal.
Ha! These articles all use the most dramatic of phrases to describe small price shifts.
Gotta keep everyone excited and on edge.
Is the news that the World Bond Bubble burst?
Will Commrade Chairman Bernanke be cursed?
Oh, what will Tyrant Hussein do then, poor thing?
He’ll hide in his White House,
To keep himself calm,
And blame it all on Bush, OF COURSE!
Kitco Spot Copper(Dr Copper)
That was the initial reaction. But right now pretty much all the markets are back up, except the Hang Seng.
Likewise, gold and silver skyrocketed at the opening in Asia, but then corrected back down again. Looks like the effects were pretty short-lived.