Book Reviews | Gordon Campbell | News Flashes | Scoop Features | Scoop Video | Strange & Bizarre | Search


Is It Now Time To Call This A Stockmarket Crash?

With a 10% fall on the NASDAQ in the first two days of trading this week it may well be reasonable now to call the latest round of market mayhem in New York a stock market crash.

Overnight the technology heavy Nasdaq index fell another 6% back to levels last seen in October 1998, and before the mini crash of that month, in January 1998.

Significantly the blood-letting on Wall St last night was not confined to technology stocks, with the Dow Jones and S&P500 indexes also shedding around 3% of their value. In other words the stock sell off ranged across the board, all boards in fact.

Also significant in the latest round of trading were near record levels of trading volume. Market watchers have been looking for high volume trading for some time as a sign that the market could finally be nearing bottom.

With 2.5 billion stocks traded yesterday on the Nasdaq, volume levels were 25% above the already high levels of trading that occurred last Wednesday and Thursday when the market was also falling fast, albeit not as fast as they have so far this week.

European stock markets also performed badly overnight, Germany’s DAX closed down a further 3.6%, France’s CAC fell 4%, Switzerland’s market closed down 2.34% and the UK’s FTSE fell 2.77%.

To put this in context Germany’s stock market has fallen more than 33% from its March 2000 highs back to levels last seen in late 1999. Like New York’s markets the UK stock market is now back at levels last seen in October 1998 at the heights of the Asian Economic Crisis.

In early trading this morning the NZSE40 index appears to be suffering from the fallout down 27 points (1.3%) on 2042 points.

Meanwhile on the currency markets the volatility experienced earlier in the week appears to have subsided, possibly in recognition of the fact that the US Dollar may no longer be such an obvious destination for money seeking safety. The Yen has in fact climbed around one Yen against the US Dollar with the cross rate presently trading at 125.7.

A slightly stronger Yen has led to a slightly stronger Kiwi albeit not a stronger Australian Dollar at this stage. At 10.30am NZT this morning the Kiwi was buying 40.5 US cents, up 70 points on yesterday’s near record lows. (For a live quote on the NZ Dollar cross rate see…


The blue chip Dow Jones index closed this morning on 9485.71 points down 292.22 or 3% for the day.

The technology heavy Nasdaq index closed on 1673.00points down 109.97 or 6.2%.

The broader S&P 500 index closed on 1106.46 points down 1106.46 or 3.4%.

To view live updates of the state of Asian share markets as they open today:

© Scoop Media

Top Scoops Headlines


Werewolf: Living With Rio’s Olympic Ruins

Mariana Cavalcanti Critics of the Olympic project can point a discernible pattern in the delivery of Olympics-related urban interventions: the belated but rushed inaugurations of faulty and/or unfinished infrastructures... More>>

Live Blog On Now: Open Source//Open Society Conference

The second annual Open Source Open Society Conference is a 2 day event taking place on 22-23 August 2016 at Michael Fowler Centre in Wellington… Scoop is hosting a live blog summarising the key points of this exciting conference. More>>



Gordon Campbell: On The Politicising Of The War On Drugs In Sport

It hasn’t been much fun at all to see how “war on drugs in sport” has become a proxy version of the Cold War, fixated on Russia. This weekend’s banning of the Russian long jumper Darya Klishina took that fixation to fresh extremes. More>>


Binoy Kampmark: Kevin Rudd’s Failed UN Secretary General Bid

Few sights are sadder in international diplomacy than seeing an aging figure desperate for honours. In a desperate effort to net them, he scurries around, cultivating, prodding, wishing to be noted. Finally, such an honour is netted, in all likelihood just to shut that overly keen individual up. More>>

Open Source / Open Society: The Scoop Foundation - An Open Model For NZ Media

Access to accurate, relevant and timely information is a crucial aspect of an open and transparent society. However, in our digital society information is in a state of flux with every aspect of its creation, delivery and consumption undergoing profound redefinition... More>>

Keeping Out The Vote: Gordon Campbell On The US Elections

I’ll focus here on just two ways that dis-enfranchisement is currently occurring in the US: (a) by the rigging of the boundary lines for voter districts and (b) by demanding elaborate photo IDs before people are allowed to cast their vote. More>>

Ramzy Baroud: Being Black Palestinian - Solidarity As A Welcome Pathology

It should come as no surprise that the loudest international solidarity that accompanied the continued spate of the killing of Black Americans comes from Palestine; that books have already been written and published by Palestinians about the plight of their Black brethren. In fact, that solidarity is mutual. More>>


Get More From Scoop

Top Scoops
Search Scoop  
Powered by Vodafone
NZ independent news