Posted on 08/11/2011 1:52:49 AM PDT by markomalley
Stock markets suffered another torrid day as traders on both sides of the Atlantic dumped shares on rumours of a downgrade of France’s credit rating and growing concerns over the eurozone economies.
Asian markets were also down this morning, although they clawed back some of their losses later in the trading session. Japan's Nikkei slid 0.6pc, after falling as much as 2.3pc, while the Hang Seng fell 1.2pc in Hong Kong, after losing 2.6pc earlier in the day.
Last night, a 3pc decline in the FTSE 100, down 157.76 to 5007.16, knocked £41bn off the blue-chip index. It has now fallen for eight of the last nine trading days, dropping 14.7pc and shedding £226bn in value.
The FTSE’s fall was topped by a 519.83 point, or 4.6 pc, dive in the US Dow Jones Industrial Average. It reversed all of Tuesday’s gains to close at 10,719.94 – its lowest since September.
European stocks saw even more marked declines. France’s CAC 40 was down 5.5pc, Italy’s MIB fell 6.7pc, the Spanish Ibex was off 5.5pc and in Germany the Dax dropped 5.1pc.
“What we’re seeing here is the fear and rumour-mongering that’s coming out of Europe. It eerily reminds me of the fall of 2008, where you would see one financial institution after another be lined up in the cross-hairs of the traders,” said Cliff Draughn, chief investment officer at Excelsia Investment Advisors in Savannah, Georgia.
(Excerpt) Read more at telegraph.co.uk ...
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Serious question for you:
What is “rock gut wine”?
Sounds nasty and unhealthy. Never heard of that before.
When the no one is driving a boat in a storm, everyone is nervous.
I think he means ‘rot gut’ wine.
Because of what it will do to your intestines.
Like french version of ‘MD 20/20’ with fancy bottles.
That is why they are french, those french women and their hairy arm pits.
Hey! I haven’t had breakfast yet.
Yer makin’ me HAWNGRY! LOL! :)
Only this time it is states, not financial institutions.
Greece was the first assassination victim, Cyprus downgraded to BBB. Others will follow. The outcome will be pleasant only for the very select few. If they have a loyal private army to protect them and the brains to control it.
For the rest of us, "This ain't no party, this ain't no disco,this ain't no fooling around"
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