Asia opens terrible

[neilgin1]

Tokyo down 2%, Hong Kong down 3%...its going to be interesting to see, if we open bad, what the PM's do, get clobbered, or hinge off of tracking equities...there's the drama.

[schockergd]

So far so good.........

[aloneibreak]

the dollar index shows 79 !

[barrytrot]

In today's market down 3% isn't terrible, it's average

[theo]

Tokyo down 2%, Hong Kong down 3%...its going to be interesting to see, if we open bad, what the PM's do, get clobbered, or hinge off of tracking equities...there's the drama.

I hate to sound ignorant, but what is the best website for checking the Asian markets? Thanks.

[henrysmedford]

Tokyo down 2%, Hong Kong down 3%...its going to be interesting to see, if we open bad, what the PM's do, get clobbered, or hinge off of tracking equities...there's the drama.

I hate to sound ignorant, but what is the best website for checking the Asian markets? Thanks.

http://www.kitco.com/market/
http://www.marketwatch.com/

[neilgin1]

Stock Slump Deepens in Europe and Asia By DAVID JOLLY AND BETTINA WASSENER
PARIS — Stocks started off the final quarter of 2011 on Monday the same way they ended the last one, sinking amid pessimism over Europe’s efforts to contain its sovereign debt problems and fears that a wider economic slowdown could bring a renewed financial crisis.

European markets were down more than 2 percent by mid-morning after Asian stocks closed sharply lower. Standard & Poor’s 500 index futures fell modestly, indicating Wall Street would start Monday on a sour note, as well.

The dollar gained against most other major currencies, as investors moved out of relatively risky assets.

Greece’s acknowledgment over the weekend that it would miss its deficit-reduction targets for this year and next, despite additional cuts in the public payroll, weighed on market sentiment, analysts at the French investment bank Crédit Agricole CIB wrote in a note.

Finance ministers from the 17-nation euro group were to meet Monday night in Luxembourg, but it was unlikely that a decision would be made on whether to release the next tranche of Greece’s bailout package. “Whatever the outcome will be, the confusion and uncertainty will certainly not help calm the market’s volatility,” analysts at Milan-based Mediobanca Securities wrote in another note.

Global equities, tracked by the MSCI world index, are down 14 percent this year, with many major indexes recording their worst quarterly drops over the June-September period since the world’s banks were teetering on the brink in 2008.

The broad U.S. market is down 10 percent so far in 2011.

In early trading, the Euro Stoxx 50 index, a barometer of euro zone blue chips, was down about 2.8 percent, while the FTSE 100 index in London gave up about 2.5 percent.

Banks led the declines in Europe. Shares of Dexia, a French-Belgian lender that has struggled since it was bailed out in 2008, fell more than 9 percent after Moody’s Investors Service said it was considering a downgrade of the bank's credit ratings.

Asian shares were lower across the board. The Sydney market index S&P/ASX 200 fell 2.8 percent. In Hong Kong, the Hang Seng index closed down 4.4 percent.

Markets in mainland China and South Korea were closed for holidays.

In Japan, the Nikkei 225 stock average closed 1.8 percent lower despite news that business confidence had improved somewhat during the third quarter as the country continued its recovery from the devastating earthquake and tsunami that struck on March 11.

The Bank of Japan’s Tankan survey, which tracks business sentiment, showed confidence among large manufacturers rose to plus-2 in September, from minus-9 in June. Though the number remains weak, a reading in positive territory indicates that optimists outweigh pessimists.

But the index remained below the pre-quake level, and large companies said they planned to increase capital spending by just 3 percent during the current financial year — less than economists had expected.

The capital expenditure plans show “that the global financial gloom is definitely hurting business confidence in Japan,” Takuji Okubo, an economist at Société Générale in Japan, said in a research note.

The yen’s persistent strength is another factor restraining capital expenditures, he added. The yen has firmed from around 83 per U.S. dollar in January to just above 77 yen on Monday, a troubling development for Japanese exporters, as it has made their goods more expensive for overseas consumers.

The euro fell to $1.3336 from $1.3387 late Friday in New York, while the British pound fell to $1.5531 from $1.5584. The dollar also gained against the Swiss currency, rising to 0.9115 Swiss francs from 0.9082 francs. But the dollar fell against its Japanese counterpart, dropping to 76.86 yen from 77.06 yen.

U.S. crude oil futures for November delivery fell 1.5 percent to $77.99 a barrel. Comex gold futures rose 1.8 percent to $1,651. 50 an ounce.

The Greek government is in a race against time to convince representatives of the European Commission, the European Central Bank and the International Monetary Fund, known as the troika, that it will make good on pledges to put its financial house in order. Without the release of about €8 billion, or $11 billion, in aid — part of a €110 billion bailout agreement — Greece could run out of money later this month and face a default that would shake the euro zone and global markets.

The decision on whether to release the cash is expected to be made on Oct. 13 at an extraordinary meeting of European finance ministers, but it will depend on the troika officials, currently in Athens, issuing a positive report about Greece’s efforts at fiscal overhaul. A chief source of frustration for foreign auditors has been the delays in carrying out reforms and an apparent reluctance by the government to reduce the country’s public payroll.

[neilgin1]

Tokyo down 2%, Hong Kong down 3%...its going to be interesting to see, if we open bad, what the PM's do, get clobbered, or hinge off of tracking equities...there's the drama.

I hate to sound ignorant, but what is the best website for checking the Asian markets? Thanks.

lame and mainstream as this sounds, i go to http://finance.yahoo.com/

just go in the left upper, you can view real time, how the ticker moves, they have US, Europe and Asia under three tabs...and it is kind of funny, to read the "top articles"......but what it looks like now, this second ,that PM's have unhooked from equities....it appears just on the street level, where we all live, demand hasnt suffered....the premium is stretched out, but that indicates the underlying demand.

i just cant figure out the endgame. i'll tell you this right now, back in 2008, Lehman time, some of me and my old trading floor buddies thought that Paulson was being an idiot with TARP. you see in the 87 crash , we TRADED OUT of the 25% haircut that week..in 2008, when we all heard, "oh, the world's ending", it was Paulson and his boys, that the world was ending for. we should just have let the mkt trade out of it, taken our 2-4,000 point whupping on the Dow THEN...but spilt milk, worse then spilt milk...rotten milk now. Its worse, obviously. and you know what, there's all sorts of talk of 'conspiracy'....i dont know, i think its as banal and boring as a bunch of greedy and cowardly walking haircuts in the halls of govt and private finance, all with their eyes on the year end bonuses. just hear me, i think the younger generation is never coming back, for a long while to the stock market. These people, down on Wall Street, or walking the brooklyn bridge, you can despise them, but that would be like despising the thermometer, coming out of your mouth showing a 105 degree fever. Face it, most of our fellow countrymen, feel the deck is stacked against them, and if we're real with ourselves, it kind of is. This "occupation" of Wall Street is gathering momentum...right or wrong...who knows?

[neilgin1]

0816-----silver up 59 cents...i dont like its trading, just stand by for another possible down. i HOPE i'm wrong, thats just not hyperbole.

[theo]

Thanks. I did a quick search (like I should have done earlier) and found that Reuters also keeps pretty good track of the major Asian markets:

http://www.reuters.com/finance/markets/asia

As far as the U.S. markets are concerned. I don't see a big stock sell off. I don't think the F*e*d will let it happen, at least not in the near term.

Also, I doubt that most of the protesters on Wall Street could explain what a stock or bond is. I don't believe I've heard any mention of the F*e*d.

[Beau]

36 inches long post above that the author don`t know what it means.
just jibber jabber.
if he would read his post we would not have too, they would be deleted.
he needs a dictionary.

[blackrabbit]

Also, I doubt that most of the protesters on Wall Street could explain what a stock or bond is. I don't believe I've heard any mention of the F*e*d.

Actually I saw many signs that said "End the Fed" when perusing vids of the protest. It is an anti-banker movement with many Libertarians involved.

[blackrabbit]

Here is a picture of some hippys protesting:


http://twitpic.com/6u9zbp


Semper Fi you stinking banksters!

[schockergd]

Also, I doubt that most of the protesters on Wall Street could explain what a stock or bond is. I don't believe I've heard any mention of the F*e*d.

Actually I saw many signs that said "End the Fed" when perusing vids of the protest. It is an anti-banker movement with many anarchists involved.

[neilgin1]

whatever the case, it looks like gold and silver unhinged from equities, and maintained some strength. Thats a good thing. regarding the wall street protestors, all i have to say, its gaining momentum.