Cars, planes, retailing, engineering, food and building groups around the world cut earnings forecasts, production or jobs on Friday in one of the gloomiest days of the year so far for earnings and stockmarket confidence.
Once again nothing was spared in last week's selling crunch.
Call it bad news Friday, when a string of earnings downgrades were issued by companies large and small at annual meetings, or ahead of meetings in coming weeks.
It makes you wonder why BG Group of the UK didn't think of the idea first, instead of charging off after Origin in a rush of ambition.
Only one issue to focus on: the credit crunch, the looming recession, and the US Federal Reserve's reaction to it by a rate cut, and what happens in the various sectors of the financial markets.
During yesterday's trading, Australian stocks closed lower for the second consecutive day on Thursday, falling by more than 4%. The market was dragged down by big losses in the resources sector amid renewed fears of a global economic slowdown. The two days drop gave up all the gains early this week.
The market is down 58 – at its low – despite being up 55 early in the session. Both resources and financial struggling and property trusts are underperforming. Ninety-two stocks in the All-Ords have hit a fresh 52 year low – most of them repeat offenders – Bradken, Bluescope Steel, Caltex, Fairfax Media, Leighton Holdings, Lend Lease and Panoramic Resources to name a few.
