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Stock market continues downward slide

The Local
post 19.Aug.2011, 09:53 AM
Post #1
Location: Stockholm
Joined: 22.Dec.2004

The Stockholm stock market continued to fall on Friday, with the OMXS-index dropping nearly 4 percent within 30 minutes of opening and finishing the week down nearly 11 percent.

An index of banking stocks was off 3.3 percent in early trading, with SEB and Nordea experiencing the biggest drops. The manufacturing index continued its free-fall, dropping 4.4 percent.

The market had recovered slightly throughout the day 10.30am, with the OMXS closing down 1.9 percent for the day to 277.7, reaching its lowest level since the autumn of 2009.

Exchanges across Europe continued to fall on Friday, in part due to concerns about a possible double-dip recession in the United States.

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conboy
post 19.Aug.2011, 10:48 AM
Post #2
Joined: 12.Jul.2009

The "market" like all chronic human behaviour such as alcoholism and drug abuse now crave yet another tax payer inspired handout in the form of Eurobond obligations. The Euro may be threatened in the short term in it's current form but the truth is that the US dollar is now goosed as a reserve currency but many western institutions will not buy Euro's without political reform in the EU and a Franco/Dutch/German Euro obligation emission. Just what Merkel and Sarkozy have being trying to avoid.
More fun and games from our friends in the financial markets flushed as they are with tax payer inspired bank guarantees. The banks are the biggest social welfare recipients in the Western world and democracy cannot afford them! The market is wrong fundamentally wrong! Hail the holy market!
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Nemesis
post 19.Aug.2011, 02:59 PM
Post #3
Location: Skåne
Joined: 14.Apr.2009

Sweden is an irrelevant economy in the grand scheme of things.
Only the European core, US, China, Brazil, Japan, South Korea and India really matter at the present.
@ conboy
The sooner there is an EU eurobond, the better. That would need to be followed within about two months by an EU ministry of finance.
´Then we can turn on the neo-feudalistic markets and criminalise them with laws against short selling entire countries for personal amusement and short term profit at the expense of entire societies.
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Grokh
post 19.Aug.2011, 04:52 PM
Post #4
Joined: 25.Apr.2011

markets plunge and some people become richer, why not change the name from Stock market to "speculation gambling arena" = you're the house and you always win.
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mkvgtired
post 20.Aug.2011, 03:12 AM
Post #5
Joined: 23.Apr.2009

Nemesis, there is no doubt that a Eurobond would bring a considerable amount of stability to the Euro. It would transfer more of Germany's economic stability and wealth to the less productive Euro members. I hope this concept does not come to fruition. Not because I want to see the Euro fail. On the contrary, if the Euro abruptly failed it would not just be the European economies that suffered. Global economies would.
That being said, the German tax payers have suffered enough. It is not their job to finance everyone else's overspending. If the Euro can not survive without Eurobonds it is time to cut the rope to the anchors weighing it down. The German citizens did not get the benefits of all of the overgenerous Greek (et. al.) entitlement programs, so there is no reason that they should have to pay for them. Or the French, British, Swedish, US (via IMF), etc. taxpayers either.
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