ShaneGR
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Tue Jan-22-08 12:28 AM
Original message |
Asian Stock Markets: "THIS WILL CONTINUE UNTIL THE OPTIMISTS HAVE BEEN WIPED OUT." |
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`The markets are pricing in a recession. We won't see a bottom for the next one to two weeks.''http://www.bloomberg.com/apps/news?pid=20601087&sid=adWZaTYBSFXs&refer=homeThe MSCI Asia Pacific Index tumbled 6.3 percent, taking its drop from a November high to 22 percent and following Europe into a bear market.
Toyota Motor Corp. led declines in Asia after European shares plunged 5.7 percent. Standard & Poor's 500 Index futures pointed to a 4.8 percent tumble when U.S. trading starts.
``We're in panic territory,'' said Patrick Chang, who helps manage $4.5 billion at CIMB-Principal Asset Management Bhd. in Kuala Lumpur. `
Japan's Nikkei 225 Stock Average sank 4.8 percent
Australia's S&P/ASX 200 Index fell 5.8 percent
Asia's MSCI index slumped to 132.34 at 2 p.m. in Tokyo, the most since September 12, 2001. More than 1,000 of its 1,142 members fell and all indexes open decling.
Europe's Dow Jones Stoxx 600 Index sank 5.7 percent yesterday, pushing it into a bear market.
``This has been a crash and it might take a year to get back to where it was last week,'' said Michael Birch, who helps manage the equivalent of $140 million at Wallace Funds Management in Sydney. ``It might be the second half of the year before people have the confidence to weigh back in.'
``The correction hasn't finished and will continue until the optimists have been wiped out,'' said Taku Yamamoto, who helps oversee about $107 billion at the Pension Fund Association in Tokyo.
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Neshanic
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Tue Jan-22-08 12:31 AM
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1. "until the optimists have been wiped out" That should make CNBC interesting tomorrow. |
ursi
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Tue Jan-22-08 01:09 AM
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2. it could be one very ugly Tuesday ... |
Ichingcarpenter
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Tue Jan-22-08 01:23 AM
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3. The currency market is going nuts. |
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http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/default.stmThe Yen is gaining though commodities are not moving as fast. Major corrections on the $, then oil and gold.
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ShaneGR
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Tue Jan-22-08 01:39 AM
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4. It's a massacre as of 1am |
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Slowing down a little, but the selloffs continue.
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Ichingcarpenter
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Tue Jan-22-08 01:59 AM
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6. Hopefully we will have a look at this system |
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that works for the very rich so well and maybe it will have to be like the many died, struggled and fought for in the thirties.
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Eurobabe
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Tue Jan-22-08 01:57 AM
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5. So much for moving funds into international funds |
girl gone mad
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Tue Jan-22-08 02:04 AM
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7. I never got that advice. |
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There's no such thing as diversification now that "the world is flat". Europe and Asia have/had big credit bubbles of their own. I've got money in a foreign mutual fund and expect it to recover somewhat more quickly than our markets, but the idea that foreign investments are immune from our recessions is a little crazy.
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Eurobabe
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Tue Jan-22-08 02:12 AM
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10. i never said or implied that |
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it's called diversity. it's never a flu shot. if you want that buy a bunch of different instruments. :hi:
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ribrepin
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Tue Jan-22-08 02:08 AM
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9. Love your Joe Biden picture |
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Edited on Tue Jan-22-08 02:13 AM by ribrepin
Where did you get it? My Biden is a little out of date.
I've run into a couple of Bidenites on these economic threads tonight. Funny how we're all worried about the same things.
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Eurobabe
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Tue Jan-22-08 02:13 AM
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11. do a google for joe biden images |
ribrepin
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Tue Jan-22-08 02:39 AM
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13. Hope you don't mind if I copy your image |
Eurobabe
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Tue Jan-22-08 08:03 AM
Response to Reply #13 |
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if you want my unshopped version PM me.
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MercutioATC
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Tue Jan-22-08 02:29 AM
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12. I got out of international funds months ago. |
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Yeah, I lost some potential gains playing the peaks and valleys, but I've been in government securities for 9 months and just moved to bonds.....it looks like we're in for a little stagflation.
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niceypoo
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Tue Jan-22-08 02:04 AM
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8. "We're in panic territory'' |
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Thu May 02nd 2024, 04:37 AM
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