"It's more of a reaction to what happened in the U.S., risk-off globally. Investors have given most UK banks a wide berth for some time now and today's half year loss from Lloyds Banking Group has done nothing to ignite interest.Of course, it is the bigger problems of European sovereign debt and faltering global economic recoveries that are weighing on markets. Please activate cookies in order to turn autoplay offAcross the Atlantic, the selloff is now in full swing on Wall Street.
Add your voice! So, our focus has to be on the things that we control which is to take the necessary measures.Paul Griffiths, global head of Fixed Income for Aberdeen Asset Management, said:We're very concerned in terms of not only the market reaction but also the way out of here.
In fact I think we're in a depression. In effect, he's anticipating, he tells me, "bad events," among them the collapse of both Spain and California, a bashing of the bond market, with yields rising 100 basis points or maybe more, the very real chance we could see a wave of defaults among cities, states and municipalities, the likelihood of decreased spending at the consumer and corporate levels, considerably more downward pressure on real estate and the prospects of a substantial rise in inflation because of heavy money printing.In addition, he says, you can't rule out a possible German split from the European union, which would cause the union to fall apart and lead Greece, Spain and Portugal to all default on their debt. Here's AP's take from Sydney: The Australian benchmark S&P/ASX-200 index plunged 168.6 points, or 3.94%, at 4,107.9 shortly after opening. "The worst is over; this market could go the moon. So, rising yields in the countries most at risk of being dragged into the mire, but falling yields in the traditional 'safe havens' (new cliché welcome), and also in those countries which have already been forced out of the international lending markets.The Dow Jones industrial average is now down 443 points, a 3.7% fall, at 11,452 points. The one thing this perhaps does do, it effectively dispels the myth that the U.S. could achieve a self -sustaining recovery all on its own. Photograph: Jung Yeon-Je/AFP/Getty Images How bad will that be? What's also interesting about RBS's writedown of its Greek sovereign debt exposure is that it's yet another "sin of the past" (to borrow a favoured phrase of Stephen Hester, RBS's chief executive) being confronted by the state-backed bank's management.If investors calculate that Greek losses are going to be deeper than previously thought, that could spark another selloff.....The theory that traders are coming off the debt ceiling high has been backed up by Bruce McCain, chief investment strategist at Key Private Bank.
Totally ignored were the lingering affects of the vicious $12 trillion hit that the balance sheets of U.S. households took between late 2007 and early 2009, reflecting a biting recession and the concurrent crashes in the stock and housing markets.
The Story Of 2011 Will Be The Second US Housing Crash The Automatic Earth 2011-01-03T11:24:00Z The letter F. An envelope. Which is really good. He further notes that we're near to the point where various governments, including the U.S., which is spending $1.5 trillion more than it earns, will not bail out the financials because they themselves have too much debt.Still, taking note of our economic recovery, Garret sees two plausible market scenarios in 2011 -- either a 5%-10% gain in stock prices, assuming no major shocks, or a 20% to 50% decline, with the Dow conceivably falling to around 6,000. And fear.In contrast, the gold price is sliding. Frankly we're on a knife edge. The tech-heavy Nasdaq index has lost 4.3%, while the S&P 500 has shed 4.07%.If yesterday's late rally hadn't happened, the Dow Jones would be looking at 10 consecutive days of falls. "The selling isn't really anything like during a complete collapse, as the volumes aren't really there. "Australians should never forget that our economic credentials are one of the strongest in the developed world and that Australia has a proven track record of dealing with global economic concern," he told reporters.
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