Nikkei Closes Down Over 7% After Volatile Session
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The dollar bounded up to a three-year high against a basket of major currencies in Asia on Thursday, squeezed higher after Treasury yields jumped after the Federal Reserve's comments.
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If the support package put smiles back on the faces of the politicians, it did little to lift the mood of the business people gathered at the WEF meeting in Brussels.
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Monday’s market euphoria across the world at the terms of the European Union/International Monetary Fund rescue package for the European bond market faded Tuesday as investors sold stocks and took profits on the euro. The worry for investors is whether governments in Greece and Portugal can live up to their end of the bargain and manage to significantly cut government spending in the face of bitter opposition from voters.
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The size of the rescue package agreed at the weekend by European Union countries and the IMF is likely to cover the borrowing needs of vulnerable euro zone countries, according to famous economist Nouriel Roubini.
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Will yet another bailout breathe new life into the global bull? The Fast Money traders have their doubts.
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The unprecedented action by European politicians and bankers has led to a massive sigh of relief from investors, because the ECB is promising to buy European government debt—in the open market—for the first time ever.
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Recall that many global markets and several sectors hit highs in April - before accumulating losses through Friday's trading.
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Europe's $1 trillion bailout fund might alleviate some of concerns that its debt problems could spread to the US, Philadelphia Fed President Charles Plosser told CNBC Monday
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Twenty-seven European nations and the IMF agreed to a mammoth E750 billion plan to stabilize the financial markets.
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With Europe giving the greenlight to a $1 trillion emergency rescue package, has the bull been given the all clear? Will stocks resume their climb higher?
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The expected surge in share prices this morning is accompanied by sighs of relief and breathless anticipation of new highs. THIS IS NOT RESILIENCE! This is the effect of a trillion dollar injection. It represents new debt and commitments to support governments that have not lived within their means.
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By establishing a 750 billion euro fund to bailout Greece and aid other struggling governments, Germany and other strong European states are chasing a dream—a single European currency and broader European unity—that may have no place in reality.
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As the market dropped our team was watching. A car wreck is a much too pleasant analogy. I was at my desk in 1987, 1989, 9/11, 2008, and I’ve never witnessed what I witnessed yesterday.
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For the market to plunge 1000 or so points and then rebound a good bit of the way back is rattling.
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Despite Thursday's unexplained surge in selling that drove the Dow down 900 points, the stock markets are being driven lower by fears over the global economy and the debt crisis spreading, economist Nouriel Roubini, of RGE Monitor, told CNBC Friday.
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The suspected erroneous trades that exacerbated the Wall Street's fall on Thursday should be investigated and solutions must be found if the New York Stock exchange is to maintain its reputation, investor Jim Rogers told CNBC late Thursday.
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'Eurocrats' can't see the fanciful construction of the euro is going to collapse, just like the 1930s gold bloc, says this economist.
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Panic has gripped stock markets worldwide over the Greek debt crisis and the threat of a debt-deflation contagion through banks in Europe (primarily) and the U.S. that own the bonds of Greece, Portugal, Spain, and so forth. If these bond asset prices collapse totally, lending facilities would be badly crimped for both the short and long term.
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Faithful readers of my weekly market commentary know that I value the opinion of PIMCO bond manager Bill Gross. Gross has compiled a terrific record as a fixed-income manager, and he regularly proves to be ahead of the curve on issues affecting the global economy.
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A mood of resignation pervaded the crowd outside the Greek parliament building on Thursday, after lawmakers passed far-reaching three-year budget cuts to deal with Greece’s teetering economy.