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Rising market pressures may trigger third wave of credit crisis

Business Times – 11 Mar 2008 Nervous investors hanging on to pronouncements of central bankers (LONDON) Tight money markets and tumbling stocks and the US dollar are expected to increase worries for investors this week as pressure mounts on central banks facing what looks like the third wave of a global credit crisis. Last week, […]

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When will market slide reach bottom?

Dow, S&P still remain above bear market threshold despite plunge (NEW YORK) Recession may well be here, given the dismal February employment report last Friday. But on Wall Street, many investors still are having a hard time deciding how worried they should be. The Dow Jones industrial average slid 146.70 points, or 1.2 per cent, […]

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Foreclosure rate of US homes up by 57%

Situation worsens despite efforts to help borrowers manage payments LOS ANGELES – THE number of United States homes facing foreclosure jumped 57 per cent last month compared to a year ago, with lenders increasingly forced to take possession of homes they could not unload at auctions, a mortgage research company said. Across the US, 233,001 […]

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NEWS ANALYSIS: Panic and fear, not fundamentals, driving sharp market selldown

Widespread selling creating financial violence people hope to avoid, analysts say NEW YORK – THE fear is spreading. For months now, investors have been lured to overseas markets with the promise that surging growth and solid economic fundamentals in Asia and the Middle East would insulate them from the credit squeeze plaguing the United States […]

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Asian markets crash while US totters

Recession fears hit home in plunges reminiscent of post-9/11 debacle (SINGAPORE) It was blood on the floor across Asian bourses yesterday as investors dumped stocks amid intensifying fears of a US economic meltdown. This, despite President George W Bush last week announcing a massive US$145 billion stimulative tax relief plan and Federal Reserve boss Ben […]

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TAKING STOCK: Market likely to stay under pressure

Analysts say Bush’s economic rescue plan will do little to assure investors A FISCAL stimulus package unveiled last week by United States President George W. Bush may not be enough to assuage market fears that the US economy is headed for a slowdown. The Dow Jones Industrial Average closed at a 10-month low on Friday, […]

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US shares endure their worst-ever start to a year

Further selldown expected unless this week’s earnings results are first-rate NEW YORK – STOCKS in the United States, as measured by the Standard and Poor’s (S&P) 500 Index, are off by 9.7 per cent so far this month – their worst start to a year ever. If markets slide again as they did last week, […]

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WALL STREET: White House plan fails to lift stock market gloom

NEW YORK – THE White House’s effort to boost the economy with a US$150 billion (S$216 billion) stimulus plan failed to lift market sentiment as stocks tumbled for a fourth day on Friday, closing out the worst week for the S&P 500 in five years. Investors’ main worry was that the effort may not prevent […]

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Familiar strain of worry weighs heavy

SENIOR CORRESPONDENT THE pattern of trading over the past month or so has been the same and yesterday was no different – shortcovering lifted the index temporarily in the morning before renewed weakness and shorting resumed soon afterward. The cue for short-covering is usually either an overnight rebound on Wall Street, or a rise in […]

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Markets brace for news of big losses by banks

Citigroup could write off US$24b, lay off 20,000 staff (LONDON) Major American banks are expected to unveil substantial losses and secure more cash from abroad in what is shaping up to be a pivotal week for the global credit crisis. Citigroup could write off as much as US$24 billion and lay off 20,000 workers in […]

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WALL STREET INSIGHT: Investors brace for another harrowing week

Earnings, economic reports ahead add to worries over US economy’s health NEW YORK CORRESPONDENT IT was another dizzying and harrowing week for US stocks, and with Wall Street’s perception of the economy’s health turning sour, investors should brace for more of the same in the coming week, ahead of a wave of rough earnings and […]

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wallstreet: Stocks dip for third straight week on news of belt-tightening

NEW YORK – US STOCKS fell sharply on Friday, capping a third consecutive weekly decline, on a warning by American Express Co of mounting credit-card defaults and a slowdown in consumer spending. Worries about consumer belt-tightening hit stocks – from fast-food chain McDonald’s Corp to Tiffany & Co, which cut its profit forecast on weak […]

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Wheat price surges above US$10 for first time

(NEW YORK) Wheat rose above US$10 a bushel for the first time, leading other grains and oilseeds higher in a food price spiral that threatens to derail global economic growth. Chicago wheat futures jumped as much as 30 cents, or 3.1 per cent, to US$10.095 a bushel as dry weather threatened crops in Argentina, renewing […]

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Inflation fears drag global stock markets down

LONDON – ASIAN and European stocks tumbled yesterday as last week’s strong United States inflation data reduced expectations that the US Federal Reserve would deliver further interest rate cuts soon. Also, in a sign that rising food and agricultural prices may push inflation up globally, US wheat futures surged more than 3 per cent and […]

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Wall St upset with Fed’s quarter-point cut

Move in line with forecasts; some observers had hoped for more WASHINGTON – THE United States Federal Reserve cut interest rates by a modest quarter-percentage point on Tuesday. The move disappointed Wall Street’s hopes for bolder action but offered some help to an economy facing credit strains and a deep housing slump. The central bank’s […]

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Traders consider Fed rate cut a certainty

Renewed turbulence in markets puts pressure on Fed to pump up economy (WASHINGTON) Federal Reserve chairman Ben S Bernanke may have to risk becoming the proverbial ‘fool in the shower’ to keep the US economy out of recession. Renewed turbulence in financial markets puts Mr Bernanke, 53, under pressure to open the monetary spigots wider […]

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WALL STREET INSIGHT – Mixed signals point to uncertainty

Investors focus on Tuesday’s Fed meeting: will it be 25 or 50 pt cut? A RECESSION or simply a period of slow economic growth in which the economy glides gently to a soft landing before lifting off again? A modest 25 basis point cut in short-term interest rates, or a hefty 50 basis point reduction? […]

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Wondering about Wall Street’s mood? Look up

Research shows that the stock market goes up on sunny days and dips on gloomy ones. FORGET about buying low and selling high. If you are worried about the recent volatility in the stock market, perhaps you should let the weather be your guide. Buy cloudy. Sell sunny. If you consistently bought stocks when the […]

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US sub-prime bailouts help stocks but STI runs into headwinds

IT HAS been bailout week as far as stock markets were concerned but judging by the performance of the past two days, scepticism abounds. First, it was Fed officials dropping blatant hints about cutting interest rates at their Dec 11 meeting, then came the Bush administration’s mortgage-freeze offer to ease the sub-prime pressure. It looks […]

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US investment banks fall to analysts’ knife

Cuts made to profit, share price forecasts in the face of continued credit market turmoil (LONDON/NEW YORK) Citigroup, the biggest US bank, and Goldman Sachs, the largest securities firm, had their earnings estimates cut by analysts who say credit-market ‘turmoil’ would generate losses into next year. The collapse of the US sub-prime mortgage market has […]

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US home prices plunge by record 4.5%

WASHINGTON – HOME prices in the United States fell in the third quarter by the most in at least two decades, as the sub-prime lending crisis caused sales to slump. Home values retreated 4.5 per cent in the three months ended Sept 30 from the same period last year, the most since records began in […]

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TAKING STOCK – Bourses buckle across Asia on US, oil worries

ST Index falls 91 points, marking its fourth slump in five sessions REGIONAL bourses including Singapore suffered a rout yesterday in the face of fresh worries about a slowdown in the United States and record crude oil prices. The Straits Times Index (STI) plunged 91.07 points, or 2.65 per cent, to end at 3,347.20 – […]

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Dow down 163 points

UNITED States stocks plunged in early trading on fears that the fallout from credit losses and mortgage defaults will hurt economic growth. After two hours of trading, the Dow Jones Industrial Average was down 163.14 points or 1.2 per cent at 12,847. The Standard & Poor’s 500 Index fell by 20.3 points, or 1.4 per […]

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SELLDOWN IN FINANCIAL FIRMS – Wall St plunges on Citi, economic worries

NEW YORK – STOCKS in the United States slid yesterday as a brokerage downgrade of Citigroup sparked a selloff in financial services companies on concerns about credit losses and the housing slump. Goldman Sachs cut Citigroup to ‘sell’ and said the bank may have to write off US$15 billion (S$21.8 billion) over the next two […]

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wallstreet – Bargain-hunting lifts volatile stock markets

NEW YORK – US STOCKS rose on Friday after a day of sharp price swings. The S&P 500 narrowly averted a third straight week of losses as bargain-hunting lifted the beaten-down technology sector while shares of oil companies advanced on buoyant crude prices. After see-sawing through most of the day as the market was buffeted […]

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HSBC writes off US$3.4b on mortgages in Q3

But it says those losses were more than offset by revenue growth in the group (LONDON) HSBC Holdings is taking a US$3.4 billion charge against third-quarter profits because of accelerating losses in its HSBC Finance Corp mortgage business in the United States. However, in a trading update the company said that those losses were ‘more […]

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Sub-prime crisis could cost insurers more than US$2b

Big losses likely to be incurred on D&O policies (LONDON) The cost to insurers of claims brought against directors of companies caught up in the US sub-prime mortgage crisis could exceed US$2 billion, according to Guy Carpenter, the reinsurance broker. Guy Carpenter, part of Marsh & McLennan, estimates that this level of insured losses could […]

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