UPDATE 2: I will not even attempt to keep this diary up as an open thread unless you folks ask me to. Today is going to be an 411 overload kind of day and as much as I follow these subjects I do not believe I am the one the DKos community should be relying upon to bring today's events with proper commentary.
The origional open:
The news this morning from the world of international finance is breathtaking in its combined losses.
Overnight we have learned the following.
- Trading on the S & P 500 on the Chicago Board of Trade have been halted having reached a 6.56% pre programmed "speed bump". If the value of trading increases then the market will reflect this gain in value.
- OPEC decided to cut production by 1.5 million barrels of oil per day at an emergency meeting in Vienna, Austria. In response to this news the price of a barrel of oil has DROPPED by more than 5%.
http://www.bloomberg.com/...
http://www.ft.com/...
- In Asia stock trading was vicious. Market losses ranged from 11% + in Korea, 9.6% in Japan, 8.3% in Hong Kong, 8.3% in Taipei & 8.33 in Singapore.
- In Europe the news is not any better, Losses thus far are as follows. London is down 8.33%, Germany is down by more than 9% and France is down by 8.92% in early trading as fears spread of a coming global recession with the news of third quarter growth in England.
http://www.bloomberg.com/...
- We have also learned over the past 24 hours that former Chairman of the Federal Reserve, Alan Greenspan has admitted that his beliefs in the ability of free markets to properly manage risk was misplaced.
- Further, we learn that AIG has not only used the 85 billion loaned by the government, it has also used almost all of the additional 37.5 billion extended loan and may well be asking for more money today.
http://www.ft.com/...
- Finally, the world currency markets are in complete turmoil. The US dollar has lost 5.7% against the Japanese Yen. The dollar is gaining the most against the British Pound in 37 years having gained by 4.76% so far today in early trading and the dollar is gaining by nearly 3% against the euro because it is widely expected the European Central Bank will reduce its lending rate at their next meeting.
http://www.ft.com/...
- We are also seeing a major drop in the price of precious metals as gold is down 3.8% so far with corresponding losses in silver & copper and platinum.
So, today the idea that the markets have put in a bottom is getting blown away.
NOTE: The freeze in the S & P 500 futures trading has not gone up.
Hold on folks, it is going to be a wild ride today. I am sure that many folks are happy today is Friday and that the markets be closed for the weekend.
UPDATE: Now that all three US exchange futures markets, The New York Stock Exchange, The S & P 500 and the NASDAQ are all halted the New York Stock Exchange has just released a statement saying that the US markets will in fact open for trading today. Never a good sign when folks have to say these kinds of things.
Here is the link on the down limit halt to trading US market futures.
http://www.bloomberg.com/...
Also, the 30 year treasury bond has now reached its lowest yield since structured trading began. It is now yielding 3.8%.
India's market drops 11%, most in 16 years.
http://www.bloomberg.com/...
Russia halts trading until next week.
http://www.bloomberg.com/...
Here is a link on the Dollar-Yen trade as the yen reaches its highest rate in 13 years.
http://www.bloomberg.com/...
WOW! The Rec list... I certainly wish my first would have been for better news or stellar writing. Regardless, thanks folks and thanks to Deoliver47 for her efforts at getting me to make an attempt at all of this.