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It must now be horribly clear to everybody with an investment portfolio – indeed, to anyone who watches the financial markets – that no country or sector is safe from a bear market of the magnitude of the one we’re suffering through right now. When stocks get marked downen masse, as they have, literally everything drops. What’s more, there may be very little rationale for which stocks drop — or how much they drop by: When the wave of selling meets very few buyers, good stocks can easily fall more than bad ones.
Does that mean it’s a waste of time to search for a “safe haven?
Read the rest of this entry »
The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.
"Oil prices have witnessed a dramatic collapse - unprecedented in speed and magnitude," OPEC said, adding that prices have fallen to levels that could jeopardize "many existing oil projects and lead to the cancellation or delay of others, possibly resulting in a medium-term supply shortage."
In the face of the worst worldwide financial crisis since the Great Depression, the Organization of Petroleum Exporting Countries (OPEC) is expected to cut crude-oil output and raise prices at an emergency meeting in Vienna tomorrow (Friday). But even with crude oil prices down more than 50% from their July record highs, friction between cartel members has analysts wondering just how big the prospective cut will actually be.
Gold could reach $1,500 an ounce, since the worldwide plans to bail out the global financial industry are certain to fuel inflation, analysts led by Francisco Blanch at Merrill Lynch & Co. Inc. (MER) wrote in a research report.
The Merrill Lynch analysts also predicted that oil would reach $150 a barrel.
In the research note released earlier this week, the analysts said “the unintended consequence of the ongoing financial bailout will be inflationary pressures to the commodity markets.”
The analysts provided no timetable for their predictions.
As companies and organisations across the world try to weather the economic storm gripping the world, some countries are also under a lot of pressure. Some had thought that only businesses are being affecting but this crisis is gripping the whole world and even countries are getting into trouble, of note, Iceland.
Jason Simpkins from Money Morning takes a look at the current situation in Iceland:
The government of Iceland yesterday (Tuesday) pegged its currency to a basket of foreign currencies, nationalized its second-largest bank, and pleaded with Russia for a $5.4 billion loan - all in a desperate attempt to prop up the island nation’s ailing economy.
Major indices around the world plunged yesterday (Monday), as the credit crisis picked up momentum in Europe and markets in Asia began bracing for a deep recessionary environment in the West.
The Dow Jones Industrial Average careened below 10,000 points for the first time since 2004 yesterday, after plummeting 500 points in the first hour of trading. The Dow closed down 369.88 points, or 3.6%, on the day at 9,955.50, after earlier surrendering as much as 800 points.
The Standard & Poor’s 500 Index shed 42.38 points, or 3.95%, to 1,056.85 and the Nasdaq Composite Index tumbled 137.52, or 7%, to close at 1,809.
I’ve been predicting record oil prices for a number of years now, so when crude oil prices recently plunged from their record highs, I warned investors and consumers that the decline was nothing more than a temporary respite.
But now it’s clear that the fallout from the $700 billion banking bailout pact will virtually guarantee that my prediction will come true.
As the curtain closed on the third quarter yesterday (Tuesday) - leaving many investors worried that the long-feared "Super Crash" was imminent - crude-oil futures were staring at their first decline in seven quarters and their biggest quarterly decline in 17 years, thanks to worries that a slowing economy would curtail global demand. As of early afternoon yesterday, crude oil for November delivery had dropped $39.36 a barrel - or 28% - during the third quarter to close at $100.64 yesterday afternoon.
