 |
|
|
|||
 |
|||
|
|
|||
|
|
|||
|
|
|
||
|
|
|||
|
|
|
||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
|
|
|||
 |
|||
|
|
|||
|
|||
|
|
|||
|
|||
|
|
|||
|
European Stocks Decline
- Text size
Adria Cimino
Bloomberg
September 29, 2008
European stocks tumbled to the lowest since January 2005 after bank bailouts accelerated and the $700 billion plan to rescue American financial institutions failed to unlock money markets.
 |
|
|
|
|
Fortis lost 19 percent and Dexia SA sank 27 percent as the governments of Belgium, the Netherlands and Luxembourg were forced to rescue Fortis and the U.K. seized Bradford & Bingley Plc. Hypo Real Estate Holding AG slid 73 percent after the German government and a group of private banks provided a 35 billion- euro ($50 billion) guarantee for the commercial-property lender.
The Dow Jones Stoxx 600 Index fell 4.3 percent to 254.46 at 2:58 p.m. in London. The gauge is down 30 percent this year as banks worldwide racked up more than $554 billion in credit losses and writedowns, pushing the global economy toward a recession.
“There’s more pain to come,” said Andy Lynch, who manages about $3 billion at Schroder Investment Management Ltd. in London. “People knew the bailout was going to happen. Now it’s back to the same-old, same-old of capital writedowns and weekend bailouts. Earnings estimates for next year still are too high.”
Credit losses at UBS AG, along with profit declines at technology companies such as Ericsson AB, helped send earnings lower at 153 of the 332 members of the Stoxx 600 tracked by Bloomberg that reported quarterly results since the beginning of July. More than 40 percent of the Stoxx 600’s companies trailed Wall Street’s estimates, Bloomberg data show.
National benchmark indexes fell in all of the 18 western European markets. The U.K.’s FTSE 100 sank 3.8 percent, while France’s CAC 40 lost 3.7 percent. Germany’s DAX slid 3.2 percent as Commerzbank AG and Siemens AG also declined.
|
-
- Social bookmarks
- Email this article
-
- Print this page
- Share on Twitter
September 29th, 2008 at 10:04 am
its coming…. be very prepared in all ways. have plenty of food and ammo.
September 29th, 2008 at 10:18 am
Here the media is still in the ‘there is nothing to worry about-mode’
The radio ( Belgium 1 ) even had the professor on who talked about those millions as being a flick of the pen for the government. 0_o
September 29th, 2008 at 10:52 am
Why aren’t we hearing about this over here in America? What other garbage did Bushco pull this weekend? I shudder at what they will pull each weekend…
September 29th, 2008 at 11:03 am
It ain’t coming, folks. It’s here!
September 29th, 2008 at 11:20 am
Years ago; I use to think that the International Bankers would only rob America and ruin our economy!! But in the last 2 to 3 years; I have seen that they will continue to enslave their own also and prepare them for the coming new world fascist antichrist order!! For no one will escape their evil plot to enslave the whole world and have everybody taking their zombie making and soul cursing beast chip!! For God says in Revelation 14 that if you take the beast chip; you will forever burn before Him and His holy angels!!
September 29th, 2008 at 2:39 pm
Looks like the no bailout bill was good for the FRN. Only spot gold shows some upside, but that could be shorting on that. Overall the no bailout looks good for the markets. It looks as if the market manipulators did the damage before hand to force congress to act. The house republicans played some texas hold em, and the other side was bluffing, hooray for congress doing the right thing.
September 30th, 2008 at 7:40 am
global reverberation at its best, to say the least !!!!!!!!!!
http://www.youtube.com/watch?v=BSxYIBSuBtk
March 2nd, 2009 at 9:18 am
I think your blog need a new wordpress template.