Down opened down 1000 points (5%) still down around 2%, it doesn't look like its going into free fall... but it is pretty close... NZX 50 probably down another 1-2% today
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Down opened down 1000 points (5%) still down around 2%, it doesn't look like its going into free fall... but it is pretty close... NZX 50 probably down another 1-2% today
The one poster I sorely miss. Very knowledgeable.
Thanks TJ. Closing 584 points down DOW after being as low as 1000 points 3100 stocks declining 100 lifting.Hilarious the closing bell with lots of clapping and cheering.
Probably lots of cheering as "its over" goes through traders minds... Its been a while since I've seen traders literally running around the trading floor on Wall Street. 1 Trillion wiped of Europe, probably a similar amount in the US (at least when it was down 7.5% at the start)
A couple of questions.
Is this a very sharp corrections in equities or something bigger?
There are many companies out there particularly in the energy & resources sector sitting on huge amounts of debt and eroding or even negative cashflow.
This is the sort of time when banks start making short term decisions to try & protect their own capital.
Do we see a raft of debt covenants triggered ?
China has been propping up world growth since 2008 and its seen as a very real problem that they are winding things back.
I think China is quite fixable, as in the listed enities with collapsing share prices on the China50 are all state owned.
My biggest area of concern is that debt particularly around the energy sector & the bank's exposure to it.
Mike Hosking says just a healthy correction
Whew ... no worries after all
Haha, yep because he's an expert... I heard he was up at 4am this morning with calving. ;-)
I'm sure he's related to Key as he has the same glib explanations for everything.
Nothing to see here, move along, its not really a problem, its only a little bit.
And the best of the lot. Who cares! LOL
This is China we are talking about, not a National run NZ government.
Air NZ wasn't state owned, but Labour bailed them out.
Its not if, they are, other than the listed component obviously.
China is trying to develop a fledgling market economy and has created a domestic stock market by partially listing state owned enterprises as a way to tap into markets ie. raise cash. I don't think China is about to let them fail. Also as far as I am aware the Chinese market has basically given back the 170% gains it once had. The Chinese government has plenty of ammunition such as still relatively high interest rates and masses of reserves. Something none of the major Western economies have at their disposal. They also have substantial growth, all be it perhaps slowing.
Please remember everyone:
Attachment 7549
and...
Even bears can get caught out with swift changes
http://bcs.net.nz/images/iceberg.jpg
http://www.stuff.co.nz/business/indu...nz-dollar-down
I love how Stuff are using this thread for quotes on their breaking news article!!