World stock markets suffer heavy losses

[alp227]

Source: The Guardian

World stock markets suffered another bout of heavy losses on Thursday, driven down by fears over the eurozone debt crisis and fresh evidence that global economic growth is faltering.

A flood of poor economic news from the US, China, the UK and the eurozone helped to push shares down sharply, and send the euro to record lows. The oil price also slumped, wiping more than $8 off the cost of a barrel of Brent crude at one point, as extra supplies were released in an effort to prevent the world economy stagnating.

In London the FTSE 100 shed more than 100 points in afternoon trading to 5666, a fall of more than 1.7%. Wall Street also saw early losses, with the Dow Jones losing 1.8% when trading began to 11,889 points. Across Europe, equity markets were also in retreat as European leaders met in Brussels to discuss creating a new rescue package for Greece.

Ben Bernanke, chairman of the Federal Reserve, set the early direction with his warning on Wednesday night that the US economy would grow more slowly than expected in 2011, and again next year. Jean-Claude Trichet, head of the European Central Bank, raised the stakes by warning that risk signals for financial stability across the eurozone were flashing "red".

Read more: http://www.guardian.co.uk/business/2011/jun/23/world-stock-markets-suffer-heavy-losses

[closeupready]

1. CNBC put some blonde bimbo on the air, trying to distract from reality, but

being gay, it didn't work, and I laughed at her. 'Stupid blonde. Go file your nails or whatever. God knows you aren't paid $millions to impart truth.'

[Warpy]

2. Neither are any of the male bimbos on that station

My dad used to watch with the sound OFF. It's the only way to cope, I think.

You can't go wrong shorting all the advice from CNBC.

[closeupready]

3. 'You can't go wrong shorting all the advice from CNBC.' LOL

Yup, exactly. :rofl: :hi:

[Odin2005]

If Cramer says to buy something, sell it ASAP.

[The_Casual_Observer]

4. It's globalization, the globalization of poverty for the masses.

[Raster]

5. The on-air financial squaking heads are NOT there to give you competent guidance....

...they are financial pimps of the airwaves.

[lark]

6. Too f*ing true

and what they are selling is the ongoing massive transfer of wealth from the middle to upper class.


:nuke:

[RBInMaine]

7. Much had to do with the gamblers pulling their cash over falling oil prices due to reserve input.

GOOD TOO ! They dumped 60 million barrels from the reserves ontot he market. If oil prices can continue downward and chase the speculators out of the market, this will HELP the economy within a few months as demand for other products increases.