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Global stocks slide anew, dollar sets 2-year high

Posted By admin On October 22, 2008 @ 4:31 am In Money Watch | Comments Disabled

Mike Dolan
Reuters [1]
Wednesday, Oct 22, 2008

Stock markets around the world fell sharply again on Wednesday after concerns about economic recession and falling commodity prices were fueled by a fresh spate of gloomy corporate earnings.

Emerging markets were hardest hit by the global retreat and the fresh commodity pressure, with the U.S. dollar and government bonds the big gainers.

MSCI’s main index of emerging equities fell some 4.5 percent to its lowest level since June 2005, sharply underperforming the 2.45 percent loss in MSCI’s index of world stock markets.

(Article continues below)

Global stocks slide anew, dollar sets 2 year high  161008pptv3 [2]

Global miner BHP Billiton warned on Wednesday that Chinese demand was set to weaken, echoing concerns last week from rival and takeover target Rio Tinto.

China said on Monday its annual economic growth fell to 9 percent in the third quarter from 10.1 percent previously and that factory output in September was at a six-year low.

“There is an increase in risk aversion. The emerging market world appears to be starting to collapse; that means it’ll be much more difficult for the global economy to recover,” said Peter Mueller, rates strategist at Commerzbank in Frankfurt.

Full article here [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE49K8FW20081022

[2] Image: http://www.prisonplanet.tv/subscribe.html

[3] Stocks Slide on Economy Concern; Yen, Dollar, Treasuries Gain: http://www.prisonplanet.com/stocks-slide-on-economy-concern-yen-dollar-treasuries-gain.html

[4] Global Stocks, Dollar Tumble as Auto Bailout Fails; GM Slumps: http://www.prisonplanet.com/global-stocks-dollar-tumble-as-auto-bailout-fails-gm-slumps.html

[5] Oil Jumps to Two-Year High, Gold Reaches $1,400 on Mideast; Stocks Decline: http://www.prisonplanet.com/oil-jumps-to-two-year-high-gold-reaches-1400-on-mideast-stocks-decline.html

[6] Global Stocks, U.S. Futures Plunge on Credit Concern; Yen Gains: http://www.prisonplanet.com/global-stocks-us-futures-plunge-on-credit-concern-yen-gains.html

[7] Dollar hits 6-mth high as gold and euro slide: http://www.prisonplanet.com/dollar-hits-6-mth-high-as-gold-and-euro-slide.html

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