Singapore To Slump Further
Japan, Hong Kong, Taiwan, New Zealand and Singapore are all very much in recession and starting to be concerned that conditions could get worse in 2009.
Companies in the News
Australian Economy
Gold Up
Gold rose back above $US800 an ounce on Friday and ended the week 8% percent higher, as investors rediscovered the metal after a month of ignoring its supposed virtue of being a safe haven in tough times.
Banks A Worry Again
Not the best of times for US bank regulators to be closing busted banks, but that's what we saw with three small domestic banks shut at the weekend, ending a week when we also saw Citigroup lose 60% of its value as nerves were again stretched about the health of the global banking system.
DIARY
Once again attention will be on the US and Wall Street with more statistics for release, the fate of Citigroup, some earnings and whether news of President-elect Obama's new economic team will still have the impact it did late Friday when it boosted the market more than 6%.
Australian Market Report of November 21: Below 3000 Points Possible
On Thursday, the Australian sharemarket closed more than four per cent weaker, dropping almost to five-year lows, with losses in all sectors. The benchmark S&P/ASX200 index was down 146.7 points, or 4.19 per cent, at 3,352.9 while the broader All Ordinaries index had shed 150.6 points, or 4.32 per cent, to 3332.6. Analysts predict the bottom is getting closer and lower than 3000 points is possible as market would be dragged down by the US and growing concerns on recession in Australia.
Australian Market Report of November 20: Lack of Catalyst to Rise
On Wednesday, the Australian sharemarket closed lower despite a positive start led by rally on Wall Street overnight. The benchmark S&P/ASX200 index was down 23.6 points, or 0.67 per cent, at 3,499.63 while the broader All Ordinaries index shed 29.9 points, or 0.85 per cent, to 3,483.23. The market has lost half its value, or A$804 billion in just over one year. Analysts say that the overall trend may not change without catalyst for the market to go up while the overseas will pull the Australia market lower each time it seems to hit the bottom.
Midday Market Roundup 20/11/08
The market is down 106 – was down 159 at worst in-line with the 165 point fall predicted by the SFE Futures this morning.
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