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Title: Shares Dive As Recession Looms ; Market WATCH
Source:
blackenterprise
URL Source: http://www.blackenterprise.com/yb/y ... d=103719870&ID=blackenterprise
Published: Feb 28, 2007
Author: blackenterprise
Post Date: 2007-02-28 09:21:34 by TLBSHOW
Keywords: None
Views: 493
Comments: 5
Shares Dive As Recession Looms ; Market WATCH THE FTSE 100 Index dropped to levels not seen for almost nine months yesterday as London's blue-chip stock index plummeted by 148.6 points. More than pounds 36.2bn was wiped off the value of London's top shares as the index closed down 2.31% at 6286.1 over investor fears of possible moves in China to curb its soaring economy and concerns that a US recession might be on the horizon. London's benchmark index hit 6270.5 at one point yesterday, down 164.2 points, as tensions over Iran also caused alarm among investors, compounding the effects of the tumbling Asian markets. The FTSE 100 has not fallen as dramatically in one day since last May, when it lost 170.7 points. But the second flight index, the FTSE 250, plunged by 431.5 points - the biggest one-day fall in its 12 year history. Yesterday's plunge marks the end of a winning run for the London stock indices, with the FTSE 100 soaring to highs not seen since 2001 in recent days. Markets worldwide mirrored the FTSE's decline, with the Dow Jones Industrial Average in the US falling by 172.5 points to 12459.8 just before the mid-session mark. Experts put most of the falls down to the slump in China, where investors worried that the government may try to cool economic growth by raising interest rates or reducing the money available for lending. Hong Kong's Hang Seng Index dived by almost 2%, while the Shanghai Composite index plunged 8.8% on profit-taking by institutional investors. Martin Slaney, head of spread betting at GFT Global Markets, said yesterday: "China is the big story today. With rumours flying around of rate hikes, taxation restructuring and share trading investigations, this uncertainty is being factored into prices." He added the falls seen yesterday were likely to be "nothing more than a short-term, knee-jerk reaction to the China sell-off". Meanwhile, negative comments from former US Federal Reserve chief Alan Greenspan contributed to the stock price decreases, after he warned the world's biggest economy may fall into recession by the end of the year, saying the US budget deficit remained a major hurdle for economic growth. London shares also reacted badly to rising oil prices, which remained above SUS60 a barrel yesterday as the UN Security Council met in London to discuss tightening sanctions in Iran, Opec's number- two oil producer.
Poster Comment: As Recession {Looms }
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#1. To: All (#0)
By DAVID LEONHARDT Published: February 28, 2007 The nation’s manufacturing sector managed to slip into a recession with almost nobody seeming to notice. Well, until yesterday. http://www.nytimes.com/2007/02/28/business/28leonhardt-web.html? _r=1&ex=1330318800&en=a4d12b50a77ee006&ei&oref=slogin
Now I have told you before it happens so that, when it happens, you may believe
Economy ain't gonna tank in 2007 or 2008, imho...MUD
"Devolve Power Outta the Federal Leviathan and Back to the States, We're reaping what they have sown.
Always someone else's fault, ain't it, SugarRay?
"Devolve Power Outta the Federal Leviathan and Back to the States, IMO, we've been in a recession since the late sixties. Just varying degrees. This permanent recession is a product of a socialistic, communistic gov'ts, located in DeeCee and all the state capitals. ************************ From a market standpoint, IMO, the most recent downturn is caused by: "If I thought this war was to abolish slavery, I would resign my commission, and offer my sword to the other side." --Ulysses S. Grant
For Manufacturing, a Recession Has Arrived
#2. To: TLBSHOW (#1)
Localities, and Individuals as Prescribed in the US Constitution."
#3. To: TLBSHOW (#0)
(Edited)
#4. To: Jhoffa_ (#3)
Localities, and Individuals as Prescribed in the US Constitution."
#5. To: TLBSHOW (#0)
Shares Dive As Recession Looms
(1) big gov't
(2) Federal Reserve
(3) The sheeple (wage slaves) are max'd out in their credit and getting behind.
(4) Houses today, are built like junk and are way over priced. It's time for an adjustment.
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