Chinese share prices closed down 3.67 percent as investors sold off real estate stocks after an anticipated interest rate cut failed to materialize over the weekend.
Shanghai stock price board AFP/Getty
Speculation was rife last week that Beijing would cut interest rates again to stimulate the economy, but the move did not happen, leading investors to dump bank and property shares...
A year into a recession... Average recession is about 10 months... The longest mid 70's and 80's.. It's not over yet, but we are near to the market bottom. Forecloses feed into existing homes, but stability in house prices is on its way.
VIDEO Link: here.
Liz Ann Sonders, chief investment strategist at Charles Schwab, discusses how long investors should expect the current economic downturn to last. Interview with MarketWatch's Stacey Delo..
Redstate shows the Here's the term sheet that appeared on the FDIC’s web site in the wee hours this morning. More: here
Market ups & downs: Media dramatizes each turn, Like this: VIDEO
(If Market moves, it was Obama's cabinet pick - If down, Media faults Bush.)
Panic continues to drive this.... And as we have witnessed for the last year (concerning US economy) I do not think it was helpful for the Media to hold campaign strategy on a weakening economy; as they did in the Presidential election...
Calm is advised, because we will see a turnaround... And then, there are some Leaders who are doing just that...
UAE stands firm on peg to rising dollar: #
FRANKFURT: United Arab Emirates (UAE) Central bank governor Sultan Nasser al-Suweidi said the region has no intention of unpegging its currency from the US dollar despite the latter's appreciation in value recently. Speaking to Reuters on the sidelines of a banking congress in Frankfurt, he said: "We were criticized for staying with the dollar when it was weak, so I don't think we should be criticized for staying with the dollar when it is strong."
He said the bank would "stay with the peg."
Commenting on the declining value of the property market in the region, he said banks would have to take extra provisions to cover the fall in value.
"In the economic downturn all sectors of the economy slow down by a certain degree and we have to take proper provisions at banks, and that is what we intend to do," he said.more.
US agrees bail-out for Citigroup: story
Earlier from Financial Times :
Citi’s embattled chief executive, Vikram Pandit, held a conference call with the bank’s worldwide management team on Friday to insist that its “universal bank” model worked. He said he had no intention of selling the bank’s Smith Barney brokerage and financial advisory business and tried to make the case that Citi’s ability to generate $100bn in annual revenues and its plan to cut expenses to $52bn in 2009 would eventually help win over investors.
UBS said in its most recent quarterly report of its deal with the Swiss National Bank: “With this transaction, UBS caps its potential losses, de-risks and reduces its balance sheet and is no longer exposed to the funding risk of the assets.” more.