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EUROPEAN MARKETS NOW OPEN

 
Anonymous Coward
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10/27/2008 04:29 AM
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EUROPEAN MARKETS NOW OPEN
European markets open sharply down 4-5%
Anonymous Coward (OP)
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10/27/2008 04:31 AM
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Re: EUROPEAN MARKETS NOW OPEN
Global shares continue to slide


Philippines shares closed at their lowest level since 2004
European markets have opened sharply lower following hefty falls in Asia that saw Japan's Nikkei index falling 6.36% to its lowest close since 1982.
The FTSE 100 in London was trading down 4.8%, the Cac 40 in Paris fell 5.5% and the Dax in Frankfurt was down 3.5%.
It follows hefty falls on Friday with investors continuing to fret about the depth of the global slowdown.
The Japanese yen stayed near its 13-year high against the US dollar, despite threats of G7 intervention.
In the Philippines, the main index fell 12.3%, as the country's second biggest bank announced hefty losses.

There is more pain left. The global turmoil does not appear to be resolving soon
Atul Mehra, J M Financial
Shares of Banco de Oro Unibank lost almost a quarter of their value after it reported a loss of 1.3bn pesos ($26.8m; £16.8m) because of its exposure to the US investment bank Lehman Brothers.
One of the few exchanges rising was the Seoul market, which reversed early losses to close up 0.8% after South Korea's central bank cut its key interest rate from 5% to 4.25% at a rare, unscheduled meeting.
In Hong Kong, the Hang Seng was down 12.2% in afternoon trading.
India's Sensex index dropped 6.1% to its lowest level since November 2005.
"There is more pain left. The global turmoil does not appear to be resolving soon," said Atul Mehra at the brokerage J M Financial in Mumbai.
Chinese shares were also lower, with the Shanghai Composite Index closing down 6.3% at its lowest level since September 2006.
Yen warning
Earlier on Monday the Group of Seven (G7) industrialised nations issued a statement warning that the strength of the yen was a threat to economic stability, which was taken as a threat of co-ordinated action to reduce the value of the currency.
While the yen briefly weakened, it soon climbed back towards Friday's 13-year high against the dollar.
The yen has been strengthening as a result of the end of the carry trade, in which traders borrowed the Japanese currency and used it to buy currencies with higher interest rates.
As the difference between Japanese rates and those elsewhere in the world has fallen, traders have been unwinding the carry trade, which means they have been using other currencies to buy yen, which has boosted the Japanese currency.
In other currency news, the Australian government intervened for a second time to support its currency, which was trading at a 5-year low against the US dollar. One US dollar was worth 0.6122 Australian dollars.
The Australian central bank last intervened more than a year ago and before that had not done so since 2001.
European shares are expected to follow their Asian counterparts and open lower, following on from their own hefty losses on Friday.
floydian slip

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10/27/2008 04:38 AM
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Re: EUROPEAN MARKETS NOW OPEN
IM ON PAGE ONE!!

5a
Anonymous Coward
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10/27/2008 04:40 AM
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Re: EUROPEAN MARKETS NOW OPEN
European Market Indices
Index Quote Change Change% Local
Russia 549.43 -87.11 -13.68% 10/24
London 3668.50 -214.86 -5.53% 09:17
Paris 3005.07 -188.72 -5.91% 10:17
Frankfurt 4086.21 -209.46 -4.88% 10:17
Turkey 23665.80 -510.88 -2.11% 11:32
Hungary 10714.02 -1202.01 -10.09% 10:17
Austria 1856.83 -67.85 -3.52% 10/24
Poland 24566.75 -724.64 -2.87% 10:17
Czech 721.80 -29.50 -3.93% 10:11
Sweden 562.06 -31.81 -5.36% 10:31
Finland 5529.54 -283.08 -4.87% 11:31
Norway 182.33 -10.50 -5.44% 10:17
Greece 1728.49 -185.88 -9.71% 10/24
Italy 14521.00 -869.00 -5.65% 10:12
Luxembourg 950.26 -41.00 -4.14% 10:26
Netherlands 232.55 -13.37 -5.44% 10:17
Iceland 658.53 -13.95 -2.07% 10/24
Denmark 243.20 -11.99 -4.70% 10:32
Switzerland 5407.17 -267.92 -4.72% 10:17
Spain 836.82 -57.63 -6.44% 10:16
Portugal 1961.08 -114.69 -5.53% 10/24
Ireland 2582.56 -67.65 -2.55% 09:17
Israel 716.58 -27.42 -3.69% 10:12
Egypt 407.40 -4.36 -1.06% 10:32
S. Africa 16185.88 -537.91 -3.22% 10:17
Morocco 24660.21 -428.04 -1.71% 10/24
Jordan 3007.74 -108.95 -3.50% 11:17
UAE Dubai 3094.03 -8.62 -0.28% 12:17
Mercuriel

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10/27/2008 04:41 AM
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Re: EUROPEAN MARKETS NOW OPEN
putin
Peace, Light, Life, Love, Unity and Harmony.

Namaste,

Mercuriel





GLP