Double Down: UBS and a Nervous Market
January 30th 2008 10:19
Folks, following the latest updates below what do you think will happen to the Australian sharemarket tomorrow?
From Bloomberg:
1: UBS Reports Record Loss After $14 Billion Writedown (Update3)
UBS AG, Europe's largest bank by assets, reported a record loss after about $14 billion of writedowns on assets infected by subprime mortgages in the U.S.
2: Stocks Fall in Europe, Asia, Led by BNP, RBS; U.S. Futures Drop
`Markets Nervous'
``Markets are very nervous,'' said David Buik, market analyst at BGC Partners in London. ``People are poised for today's Fed decision. They are not convinced we will get a 50 basis point cut. If we don't, the outcome could otherwise be temporarily disastrous.''
Europe's Dow Jones Stoxx 600 Index lost 0.8 percent. France's CAC 40 dropped 1.7 percent, and the U.K.'s FTSE 100 retreated 0.9 percent. Germany's DAX slumped 0.7 percent.
The MSCI Asia Pacific Index lost 1 percent. South Korea's Kospi Index fell 3 percent, the region's biggest decline. Japan's Nikkei 225 Stock Average dropped 1 percent to 13,345.03. Hong Kong's Hang Seng Index slumped 2.3 percent.
Some will feel their legs weak while there are some who see opportunities. Nevertheless the odds of a south are definitely not slim, unless the US market produce a miracle overnight but what are the odds of it?
From Bloomberg:
1: UBS Reports Record Loss After $14 Billion Writedown (Update3)
UBS AG, Europe's largest bank by assets, reported a record loss after about $14 billion of writedowns on assets infected by subprime mortgages in the U.S.
2: Stocks Fall in Europe, Asia, Led by BNP, RBS; U.S. Futures Drop
`Markets Nervous'
``Markets are very nervous,'' said David Buik, market analyst at BGC Partners in London. ``People are poised for today's Fed decision. They are not convinced we will get a 50 basis point cut. If we don't, the outcome could otherwise be temporarily disastrous.''
Europe's Dow Jones Stoxx 600 Index lost 0.8 percent. France's CAC 40 dropped 1.7 percent, and the U.K.'s FTSE 100 retreated 0.9 percent. Germany's DAX slumped 0.7 percent.
The MSCI Asia Pacific Index lost 1 percent. South Korea's Kospi Index fell 3 percent, the region's biggest decline. Japan's Nikkei 225 Stock Average dropped 1 percent to 13,345.03. Hong Kong's Hang Seng Index slumped 2.3 percent.
Some will feel their legs weak while there are some who see opportunities. Nevertheless the odds of a south are definitely not slim, unless the US market produce a miracle overnight but what are the odds of it?
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