Asian & Euro markets tanking

[pokerfan]

The Nikkei 225 lost 3.72 percent Friday — reaction to Wall Street’s worst day since the 2008 financial crisis — closing at 9,299.88. Late Friday in Asia Hong Kong’s Hang Seng index was down 5.13 percent; other benchmarks in South Korea, Taiwan and Australia all fell between 3.5 and 5 percent, as investors came to grips with a crisis that policymaking might do little to slow.

http://www.washingtonpost.com/world/asian-european-markets-plummet-extending-concerns-about-global-economy/2011/08/05/gIQADcFmvI_story.html

[Ichingcarpenter]

1. BBC reported this morning it is a world wide lack of confidence

on how politicians and banks are handling the crisis, the Euro crisis, the Japanese crisis and the American crisis.
Each were adding to each other and lack of real solutions.

[xchrom]

2. recommend

[Liberal Fiscal Hawk]

3. It will likely continue

With all this hogwash about the cure for deep unemployment crises being "pass new tax cuts and let the free market fix itself, just like it did in 1929!", this is liable to be just the beginning. We need to start creating jobs repairing our failing infrastructure. I don't even want to think about the horrific new state and local budget cuts that would result from a double-dip recession, what with all these states having ridiculous balanced budget amendments that only serve to exacerbate an economic crisis.

[mahina]

10. Welcome to DU

Nice to meet you!

[DCBob]

4. could have been worse I guess..

US futures dont look too bad at the moment. Hopefully the jobs report will be decent which it might be since unemployment claims were down a bit.

[ixion]

5. And it will continue to get worse

decent jobs report? You've got to be kidding.

[DCBob]

6. actually the asian markets are off their lows and US stock futues are not that bad.

and yes the jobs report could be decent. Unemployment claims were down and most "experts" expect some decent numbers.

[ixion]

7. lol

whatever floats your boat, I guess. :rofl:

[DCBob]

11. lol back to you..

NEW YORK (Reuters) - U.S. stock index futures rallied more than 1 percent on Friday after a report showed job growth accelerated more than expected in July as private employers stepped up hiring.

You have no boat.

[ixion]

14. Uh-huh... we'll see about that

job growth only 'accelerated' because of juiced numbers. It'll be revised downward after the fact, as usual.

[BR_Parkway]

8. You mean those "experts" who always wind up described as "surprised" or "shocked"

when some of their happy babble turns out to be opposite of reality? It seems like there's a big echo chamber in those circles, with all of them telling everyone that everything's getting better, and then secretly hoping that everyone else believes them cause they have to for anything to get better.

Real estate articles are probably the worst - blaring headlines announcing some minor uptick in some minor segment of the market (2% increase in sales last month!!!) only to get to paragraph 5 and find out that they were only talking about the 7 bedroom, 4th floor condos that face 11 degrees off south that were built in 1983 - and that all the other indicators were down by another 5%

[DCBob]

12. yes they were "surprised and shocked" at how good the jobs report was..

I guess that was not what you were expecting either.

[BR_Parkway]

13. After yesterday's sell off? Yeah, I figured it would be decent today because it HAD

to be to calm Wall St - what I'm really curious about will be the revised numbers once everything is settled down again. It's amazing how much stock is put into one report that constantly gets revised.

[marmar]

9. ........

(Bloomberg) American employers probably failed to create enough jobs in July to reduce the jobless rate, showing anxiety over government debt deliberations and a slowdown in consumer spending have shaken confidence, economists said before a report today.

Payrolls climbed by 85,000 workers after an 18,000 increase in June that was the smallest this year, according to the median forecast of 88 economists surveyed by Bloomberg News before a Labor Department report. The jobless rate held at 9.2 percent after rising in each of the previous three months.

Limited job gains and concern the economic recovery will be cut short led U.S. equities to their biggest slump since February 2009 yesterday. Slowing growth puts more pressure on Federal Reserve policy makers meeting next week to try to steer the world’s largest economy away from another recession at a time when inflation is also accelerating. ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-08-05/payroll-gain-in-u-s-was-probably-too-small-to-cut-unemployment.html