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Originally posted by scoobyrob
WOW, nearly all the stocks iv seen on cnbc and bloomberg are down, average seems to be 2-3% and some 5% and seen one as much as 9%
also every single stock in europe is in the red except one!!
be interesting to see what the U.S opening will bring.
are we seeing the start of the big down turn?? hhmmmmm
Originally posted by DangerDeath
reply to post by mossme89
Everyone is selling everything and buying dollars
If you think this morning has a September 12, 2008 smell and feel to it... You are right. Complete and total CDS bloodbath in sovereigns and fins means a global bailout may not be imminent, but the market sure demands it as contagion has been upgraded to gangrene. Bernanke has now officially blown it with the twist and Mr. Market demands a $1 trillion+ LSAP, or else...
While the bulk of the re-recessionary fears this morning came out of China where economic contraction is now fully raging, Europe is not helping after both Manufacturing and Services Flash PMIs came in worse than expected, and far worse than previous, and more notably with the Services PMI printing below 50, or contracting for the first time in 2 years. In a nutshell, Manufacturing came in at 48.4, Services at 49.1, both missing consensus of 48.5 and 51.0, and far lower than prior 49.0 and 51.5 respectively. As Reuters notes, "None of the 37 economists polled by Reuters had predicted that services activity would contract and this is the first time the index has been below the 50 mark that divides growth from contraction since August 2009..
Claiming he wasn't afraid to let everyone in attendance know about "the real mess we're in," Federal Reserve chairman Ben Bernanke reportedly got drunk Tuesday and told everyone at Elwood's Corner Tavern about how absolutely #ed the U.S. economy actually is.
Bernanke, who sources confirmed was "totally sloshed," arrived at the drinking establishment at approximately 5:30 p.m., ensconced himself upon a bar stool, and consumed several bottles of Miller High Life and a half-dozen shots of whiskey while loudly proclaiming to any patron who would listen that the economic outlook was "pretty goddamned awful if you want the God's honest truth."
"Look, they don't want anyone except for the Washington, D.C. bigwigs to know how bad # really is," said Bernanke, slurring his words as he spoke. "Mounting debt exacerbated—and not relieved—by unchecked consumption, spiraling interest rates, and the grim realities of an inevitable worldwide energy crisis are projected to leave our entire economy in the #ter for, like, a generation, man, I'm telling you."
150 sites in the Tokyo metropolitan area finds Cesium radiation up to levels limits nearly twice the Chernobyl dead zone evacuation limit of 500,000 Bq/Sq meter.
The dollar rose strongly against the euro and other major currencies Thursday as a selling spree in global stock markets increased demand for lower-risk investments.
Asian and European markets plunged Thursday as traders absorbed the Federal Reserve's bleak assessment of the U.S. economy. The Fed had said that the U.S. economy is vulnerable to major risks, including from unstable financial markets.
Bad economic news from Asia and Europe also pushed people to sell riskier investments that typically gain value during periods of growth. HSBC's index of Chinese manufacturing showed that factories there have slowed in September
The country's top debit card issuers are testing new monthly fees and other changes as they seek to recoup billions of dollars they stand to lose as a result of new limits on the fees they charge retailers.
The changes are expected to dampen the growth of debit cards, the plastic workhorse that has surged in popularity in the past decade, while leading consumers to use credit cards more often. Some think there could also be a shift to smaller banks and credit unions that don't fall under the "swipe fee" limits, or to accounts that require minimum balances to avoid the fees
Originally posted by marg6043
Dollar rises in currency trading as global stock market sell-off fuels demand for safer bets
The Fed had said that the U.S. economy is vulnerable to major risks, including from unstable financial markets.