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Just Another “Bad Day” at the Office…
By Sherman Ragland | August 15, 2007
Stock brokers and stock market investors & day traders can look for another “topsy-turvy” day on Wall Street…
As discussed at last Saturday’s DC-REIA meeting, the US Financial (Capital) Markets are now 100% Global and respond, as well as influence what happens in overseas markets.
Last night, unfortunately, was YET ANOTHER bad DAY in overseas financial markets in Japan, Austrailia, New Zealand and Indonesia , as the rest of the world joins in with European Financial Markets with “Deepning Concern” over the US Sub-Prime fiasco.
Mohammaed Hadi with The Wall Street Journal (WSJ) is reporting this morning that “fresh waves of selling of Asian stocks” have left the major stock market exchanges in Asia at depressed levels, “not seen for months, as investors faced up to evidence that the subprime mortgage troubles in the U.S. are spreading more widely”.
These losses, and anxiety, deepened as Wednesday’s session progressed, erasing what was left of year-to-date gains in Japan and New Zealand’s major stock markets. Australian stocks are now back to a level not seen since March. The steepest declines came in Indonesia, where the main index was down over 5.3%.
All is not “lost” for EVERYONE, however. Many within the financial industry are already making their move. Like wolves and Vultures picking over a carcus. Many national banks, which have the capacity to withstand huge losses are already starting to talk about expanding their home loan businesses to be ready when the pendulum starts swinging back.
The only question is of course, when does it “swing back”…
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Tags: mohammad hadi, mortgages, sherman ragland, sub prime, wall street journal
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