Taken in the storm, the places of Paris and Frankfurt plunged per moments of more than 10% and London of more than 9%, letting fear a new stock exchange seism, 79 years day for day after the beginning of the great crash with Wall Street in 1929.
The European Stock Exchanges finally limited their losses, enclosing nevertheless in strong fall: London lost 5%, Frankfurt 4,96%, Paris 3,53%, Milan 5,61% and Madrid 5,20%.
Wall Street also showed the shock, Dow Jones yielding 4,96% and Nasdaq 3,59% towards 18:15 GMT.
“It remains us to face what could be the worst recession well since the Great Depression (of years 1930 in the United States, note)”, Friday the analysts of BNP Paribas prevented.
Sign extent of the degradation of economic environment, the advertisements of social plans multiply with the image of the American car manufacturer Chrysler who announced that it was going to remove to 5.000 stations by the end of the year.
Febrility was also palpable on the oil market, which continued its fall in spite of the decision of OPEC to lower its production, and on the foreign exchange market where the euro continued to lose ground vis-a-vis the dollar.
Even gold, however a refuge for the investors in times of crisis, finally yielded to concerns of the market. Its courses crumbled, tumbling down up to 682,41 dollars, low since September 2007.
Two Moscow Stock Exchange, the RTS and Micex, suspended their quotations until Tuesday, after falls of more than 13% of their indices.
In Asia, Tokyo Stock Exchange had opened the ball with a fall of 9,6% in fence, finishing with low for more than five years. In the tread, Seoul tumbled down of 10,6%, HongKong of 8,3% and Bombay of 10,96%.
“Everyone has nothing any more but one idea at the head: to get rid of all the credits at the risk, like the actions, and to put the money which it remains in sure place”, commented on Robert Halver, strategist actions of Baader Bank.
Taken with the throat, the “hedge funds” (speculative funds) must release from the fresh money. “It is compulsory sales, not a judgement of investor”, explained Al Goldman, analyst at Wachovia Securities.
On the oil market also, the tendency remained with the fall, in spite of the decision of the Organization of oil exporting countries (OPEC) Friday in Vienna to reduce its production by 1,5 million barrels per day.
The rates of gold black continued to tumble down, after having already lost more than 50% since the top of the 147 dollars reaches in July. Oil lost three dollars Friday, turning around 62 dollars the barrel in London and 64 dollars in New York.
The market “fears that the fall is not sufficient to compensate for the deceleration of the request”, commented on Peter Fertig, analyst of Dresdner Kleinwort.
OPEC attracted itself the lightnings of the White House, Germany and Great Britain, which fear on the contrary that a new rise of the courses of the crude does not degrade the world economic situation yet.
A cascade of advertisements came to confirm that the financial crisis started well to poison the real economy.
Great Britain announced its first retreat of the economic activity since 1992, with a fall of 0,5% of its Gross domestic product to the third quarters.
In the euro area, the activity of the private sector has fallen on its low level for 10 years.
The euro has suffered from these dark prospects and fell Friday to low for two years vis-a-vis the dollar, under 1,25 dollar, before being begun again.
The sector emblématique of this contagion of the financial crisis to the assembly lines is undoubtedly the car: French giants PSA Peugeot Citroen and Renault announced stops of production, while Swedish Volvo and Scania recognized most brutal fall of mode the “ever seen”. Blow, the actions of the sector went down to the hells. ( Finance Information City )
Another touched sector of full whip: air transport, with a decline for the first time since five years of the international passenger traffic.
Air France-KLM announced a new plan of savings in 700 to 800 million euros of economies by 2011-2012 and considers reductions of manpower.
In the same way, from the blast furnaces of the world giant of ArcelorMittal steel will be temporarily shut down in several countries of Europe, of which France, Belgium and Germany.
To counter the recession, the European governments think of measurements of revival, while counting on a forthcoming fall of the rates of the European Central bank.
While waiting, the advertisements of social plans multiply.
American Chrysler will remove to 5.000 administrative employment and stations the temporary ones - a quarter of manpower from here the end of the year.
Its Xerox compatriot envisages 3.000 suppressions of employment in the world and Spanish cable television operator ONO 1.300.
And on all the European places, the banking ones continued to undergo martyrdom: Spanish Santander and BBVA lost 10,18% and 8,59%. In Italy, Unicredit, Intesa SanPaolo and Monte dei Paschi di Siena also fell.
Iceland asked for the Funds international currency (the IMF) a help of 2 billion dollars to overcome the crisis which ruined its banking system. Ukraine, Pakistan, Bélarus, Hungary could also have recourse to the loans of the IMF, which has 200 billion dollars for this purpose.
The 43 countries of Asia and Europe (Asem), joined together for a top in Beijing devoted to the world-wide crisis, claimed a deep reform of the financial system and an increased role of the IMF.
The European Union sought to rejoin the Asian leaders with his will of recasting of the world financial system, before the top of G 20 (principal industrialized countries and emergent) on November 15 in Washington.
In margin of the meeting of Asem, French president Nicolas Sarkozy and the German chancelière Angela Merkel discussed the creation of sovereign funds, a French idea which had been accomodated with skepticism beyond the rhine.
0 comments:
Post a Comment