Australia's Blanket Guarantee
Australia will guarantee all deposits being held in Australian financial institutions for the next three years.
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The 15 eurozone countries will guarantee banks and inter-bank lending.
Midday Market Roundup 10/10/2008
The Australian market is having a horror day - down 288 or down 6.7% - on the back of the heavy falls on Wall Street overnight. We are fairing much worse than the 180 point fall predicted by the SFE Futures this morning. It's a sea of red. 202 stock in the All Ords have hit a fresh yearly low today. Energy and Resources down the most –10.8% and 8.3% respectively. Financials down 7.4%. Property down 7.3%. Industrials down 7.5%. Major banks down between 6%- 8%. St. George Bank down 10%. Macquarie Group down 11%. The sell-off in iron ore stocks is acute on further broker downgrades to future iron ore price assumptions. Fortescue Metals getting caneed - down 15.5%. All the metal stocks tanking despite the higher metal prices overnight.
Australia Market Report of October 10: Investors Worry Global Rescue Will Fail
Today is going to be another tough day after Wall Street stocks tumbling in late trade overnight as investors worry governments around the world will fail to avert a global recession.
US Markets Plunge In Mindless Sell-Off
US shares plunged in a period of sustained selling over the last two hours of trading in New York that saw the major indices close down a huge 5% to 7% or more.
Australia Market Report of October 9: Market Sell-off With No Emotion
Yesterday, the Australian share market closed at a fresh three-year low, plummeting 5% as the continuing fallout from the global credit crisis wiped A$56 billion from the value of stocks. The benchmark S&P/ASX-200 share index lost 5% yesterday, the biggest one-day fall for both major stock exchange indices since January 22 this year. RBA has said the Australian economy is slowing faster than originally anticipated. Analysts said the sell-off is totally unemotional. Markets across Asia also slumped with 5-10% drop in Tokyo, Hong Kong, Singapore, Mumbai and Jakarta.
Midday Market Roundup 09/10/2008
The market is having another down day – 107 points or 2.4% lower – despite a Global Coordinated interest rate cut overnight. US cut rates 0.5% to 2.0% with similar cuts from the European Central Bank, Bank of England, The Bank of Canada, the Swedish Riksbank and the Swiss National Bank. Japan offered support but held back on cutting rates…poor buggers don't have much room to move with interest rates at 0.5% already. Obvious disappointment that the cuts didn't lift the markets. Treasury Secretary Henry Paulson's comments didn't help – US market was up until his comments that some companies will still fail. Over 100 stocks in the All Ords yesterday hit a fresh yearly low.
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