Asian Markets Continue to Fall
Associated Press
Transcript
across Asia investors are once again coming to grips with plunging stock markets an investment manager in Hong Kong blames Panic selling adding people are just liquidating Hong Kong's hangsang tumbled more than 12% in Japan the Nik index closed at a 26-year low on Monday down another 6.4% as the week opens the drops come as governments take more steps to boost the markets in South Korea the Central Bank slashed a key interest rate by 3/4 of a per it's an effort to prevent the fourth largest economy in the region from falling into a recession Mainland China's Benchmark index slumped to its lowest level in more than two years the Shanghai Composite Index lost more than 6% that brings the index down about 72% from a peak about a year ago in Taiwan the government backed off a temporary measure that limited declines to 35% a day that left room for the market to fall more than 45% Traders credit the measure with allowing the Taiwan shares to drop at a slower Pace than other Asian markets and in Australia the keystock measure lost 1.6% analysts say investors worldwide are scared to weade back into equities worried about economic data do out this week in the US will trigger another round of selling or L the Associated Press
Brown: Banks Need to Do Their Jobs
Associated Press
Transcript
but what we've had to do in the last few weeks is this first of all in addition to the liquidity that we've provided to the financial system uh so that the banks can keep there going we decided in Britain and I think other countries have agreed with this decision that we had to recapitalize and strengthen our banks uh that the writeoffs that needed to take place had to be in the context of banks that were more strongly capitalized and then of course the issue is not simply to recapitalize the banks it is to get the banks doing what the banks should be doing and what is the job of Banks and that is to make possible the flow of funds to small businesses to homeowners uh and of course to ordinary families
Stocks End Lower As Financials Give Up Gains
Associated Press
Transcript
between the government injecting fresh capital into major banks new home sales being up and the u.s dollar gaining strength it seems like markets should be on the up and up even though stalled credit markets are showing signs of life yet the markets aren't what's missing confidence is eroding the market and that's what's missing after yet another last-minute sell-off in the dow it's clear investors are not feeling very confident you know this isn't common that is moved by 70 percent of the economy is moved by consumers so that's why consumer confidence is so critical especially coming into the holiday season and it's even more unclear when investors will regain faith in the markets more unsettling news comes out this week with the latest reading on the gross domestic product an indication of the country's economic health the consensus seems to be we're in this for the long haul i'm not sure that we haven't got quite a way to go and i think that this is in great part due to psychology and we've got to get a shift in psychology before you really see this market turn i don't think we have it yet that was illustrated today in the douse lackluster trading the dow closed down 203 points at 8176 the s p 500 ended down 28 at 849 while the nasdaq was off 46 at 1 506. between consumer confidence the gdp and the fed's interest rate cut there's a lot of information coming at investors all at once but most here agree those factors have already been priced into these markets so we're likely to see more of the same in the days ahead in new york bonnie gauche the associated press
Stocks Open Lower As Overseas Markets Slide
Associated Press
Transcript
[Applause] [Music] stock markets were initially unimpressed with the treasury's announcement that nine major banks will start receiving $125 billion in bailout funds this week instead Traders were dealing with further disruptions in the global markets Japan's Nik index dropped 6.4% to its lowest close in 26 Years the drop came on news that the Yen had surged to a nearly 13year High investors worry that a high Yen will hurt Japanese exports and further disrupt economic activity there was some good news for Traders to digest the rate on 3-month loans in dollars known as the London interbank offered rate or liore edged down slightly to 3.51% Meanwhile sales of new homes unexpectedly Rose 2.7% in September median home prices however dropped by 99.1% for the month from a year ago David mendi the Associated Press
Markets Fear World Recession
CBS
Transcript
across Europe and Asia markets continue to shudder with continuing fears of a slide into Global recession here in London the key footsie index a leading 100 shares is down by five percent trading now below the Benchmark 4000 level the global sell-off continues since the Crisis began more than 51 percent of the value of stock markets around the world has been erased and there are no signs of that decline coming to an end well they broke down 26-year low down 6.4 percent Hong Kong closed down 12 percent Traders spoke of panic selling and after the largest ever interest rate cut in South Korea the markets could manage only a minor gain All Eyes now are on the central Bankers watching to see if they will intervene to attempt to stabilize struggling currencies or try to reduce the value of the soaring Japanese Yen now close to a 13-year High against the dollar another sign global markets are anticipating recession the price of oil has fallen again this morning trading around 62 dollars a barrel that's a 17-month low while that can mean good news at the pumps and for fuel bills it's a strong indicator that demand and the economy are slowing Maggie foreign
New home sales rise 3%; $125B bailout money sent to banks
CBS
Transcript
housing started the financial meltdown and now there's an indication the housing market is improving new home sales were up almost 3% in September the news comes as a surprise economists had predicted a drop a report out last week showed that home resales are on the rise as well loans May soon be easier to get the government is starting to send $125 billion to nine major Banks the money is the first installment of the $700 billion rescue package the Bush Administration believes the cash INF Fusion will improve the bank's balance sheets so they can begin lending again the Federal Reserve could also give the credit markets a boost this week on Wednesday the FED is expected to cut interest rates again and oil prices fell to the lowest level in more than a year the slide continues at the pump as well AAA says the national average for a gallon of regular unlet it is now $267 that is down $1 from a month ago on Wall Street I'm Alexis christofer