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Market Today

g8crasher

By g8crasher,
in The 3 Pointed Star Bar

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g8crasher Newbie

g8crasher

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STI

1600.28 -145.39

Nikkei

7649.08 -811.9

HSI

12618.38 -1142.11

FTSE

3728.34 -359.49

DJIA

8691.25 172.04

Tonight Dow massacre.

USD - SGD xrate is now 1.511

1 AUD = 0.931846 SGD

Baby I'm coming!!!!!!!!!!!!!!!

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g8crasher Newbie

g8crasher

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1 SGD = 0.5310 EUR 1 EUR = 1.8834 SGD W212 price drop

1 SGD = 0.6616 USD 1 USD = 1.5116 SGD

1 SGD = 0.4281 GBP 1 GBP = 2.3359 SGD Makes no difference really, chicken rice still S$23 per plate

1 SGD = 1.0830 AUD 1 AUD = 0.9234 SGD

1 SGD = 1.4919 BRL 1 BRL = 0.6703 SGD

1 SGD = 1.2213 NZD 1 NZD = 0.8188 SGD Hmm.. time to visit some sheep

1 SGD = 0.8479 CAD 1 CAD = 1.1794 SGD

1 SGD = 0.7666 CHF 1 CHF = 1.3045 SGD

1 SGD = 4.5331 CNY 1 CNY = 0.2206 SGD

1 SGD = 3.9573 DKK 1 DKK = 0.2527 SGD

1 SGD = 5.1282 HKD 1 HKD = 0.195 SGD

1 SGD = 32.8947 INR 1 INR = 0.0304 SGD

1 SGD = 61.3497 JPY 1 JPY = 0.0163 SG HKS/GReddy/Trust/Apexi price increase leow

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Guest jenvid

Guest jenvid

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Global stock markets stage stunning rebound

Investors hunt for bargains after heavy routs. -AFP

Wed, Oct 29, 2008

AFP

NEW YORK, Oct 28, 2008 (AFP) - World stock markets soared Tuesday as investors hunted for bargains after heavy routs and hope for a US interest rate cut and an easing of the global credit crunch.

A late last-minute surge on Wall Street pushed the Dow Jones Industrial Average up a searing 889.35 points (10.88 percent) to finish at 9,065.12.

The blue-chip gain was eclipsed only by a 936-point advance on October 13, and was the sixth largest in percentage terms for the Dow.

The Nasdaq jumped 143.57 points (9.53 percent) to 1,649.47 and the broad-market Standard & Poor's 500 index leapt 91.59 points (10.79 percent) to 940.51.

The surge came amid a strong rebound in global markets but a huge acceleration at the end of the session took market participants by surprise.

"There does not appear to be a specific news item to account for the surge," analysts at Briefing.com said, adding that the gains were "compounded by short-covering."

A so-called "short squeeze" occurs when traders with short positions, betting on falling stocks, are forced to buy to avert heavy losses. A similar short-covering rally pushed up Germany's DAX by 11 percent Tuesday with many traders caught short on Volkswagen shares.

The market action came as the US Federal Reserve opened a two-day meeting expected to deliver a cut in the federal funds rate aimed at stimulating flagging growth and easing the credit crisis. Some analysts also expect the US cut to be followed by reductions by other central banks.

Augustine Faucher at Moody's Economy.com predicted a half-point cut on Wednesday followed by another half-point reduction in December to lower the funds rate to 0.5 percent, which would be the lowest level since the rate began in 1954.

"Further rate cuts would make it very inexpensive for banks to borrow from one another. The Fed is hoping that low rates, along with efforts to increase liquidity, will spur greater lending and borrowing, unfreezing credit markets."

He said that the combination of Fed interest rate cuts, increased liquidity, and fiscal stimulus "will be enough to bring the economy out of recession in the second quarter of next year" but added that "the financial system remains on edge and worries about global recession continue to increase."

Others noted that bargain hunting had been expected after brutal declines of 40 percent or more this year.

"If you have been standing over by the punch bowl, it looks to me like it's time to ask someone to dance," said John Wilson at Morgan Keegan ahead of the opening.

"Taken in toto, the indicators we monitor are at levels that in the past have pointed to a good rally, if not a major turn."

The market was able to shake off a shockingly weak report on consumer confidence.

The Conference Board index on consumer confidence plummeted to a record low of 38.0, down from 61.4 in September, signaling more retrenchment by consumers.

"The collapse in confidence is directly tied to perceptions about economic conditions and that is likely to mean that households will keep their wallets closed," said Joel Naroff at Naroff Economic Advisors.

In Canada, the Toronto Stock Exchange rebounded 7.2 percent, nearly erasing Tuesday's 8.14 percent plunge, the worst single-session drop in 21 years.

In the wake of huge gains in Asia, European exchanges rebounded. London's FTSE 100 index rose 1.92 percent and the Paris CAC 40 gained 1.55 percent.

The Frankfurt DAX, again powered by big gains for Volkswagen, soared 11.28 percent to 4,823.45.

Some analysts said the impact of government rescue plans around the world were starting to help ease the credit crunch.

"Credit markets are slowly unfreezing again and bargain hunting across Asia and Europe is spreading to US shares," analysts at Charles Schwab & Co. said.

In Latin America's biggest stock market, Brazil's Ivobespa index soared 13.42 percent, while Argentina's Merval jumped 6.58 percent.

Asian equities earlier staged an impressive bounce-back, led by Hong Kong where stocks rocketed 14.4 percent, making up virtually all of the previous day's losses.

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Guest colrc

Guest colrc

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Unless you have loads of spare cash your Dad gives you as pocketmoney, DO NOT burn your hands in the stock market! Albeit there are many bargains to pick up for the long haul if you have money to spare. But need to keep them at least for 2 to 3 years.

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g8crasher Newbie

g8crasher

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Albeit there are many bargains to pick up for the long haul if you have money to spare. But need to keep them at least for 2 to 3 years.

Frankly I don't expect the economy to recover in 2-3 years. Confidence is completely shaken in the current system.

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