Top Scoops

Book Reviews | Gordon Campbell | Scoop News | Wellington Scoop | Community Scoop | Search

 

NEWSFLASH: Global Financial Meltdown Imminent?

At the beginning of the first week following the terror attacks in New York and Washington D.C. stock markets in the Asia Pacific region have opened in a woeful state – perhaps indicating a global financial collapse is in the air.

At 2pm this afternoon the NZSE40 was down 82 points, or 4.5%, plugging depths last seen at the height of the Asian Economic Crisis in October 1998. Prior to that you need to go back to 1993 before you have seen such weakness in NZ stocks.

Air New Zealand’s share price - hit with the double whammy of its own internal problems - and the growing global security crisis is presently down 40% at 30 cents a share.

Other Asia-Pacific markets are similarly running scared.

Australia’s market is down 3.6%, Japan’s 5.3%, Singapore’s 4.8% and Taiwan’s 4.5% (See… http://quote.yahoo.com/m2 for live prices).

The US Dollar meanwhile has also been taking a battering falling to 117 yen and 0.926 Euro (See.. http://quote.yahoo.com/m3?u for live currency cross rates).

Somewhat surprisingly the Kiwi dollar has not been a beneficiary of US Dollar weakness and is currently trading at 41.78 US cents, off 0.6 US Cents for the day. The Kiwi has also fallen against the Australian Dollar and on a TWI basis is trading at just under 49.

Meanwhile crude oil prices are just a fraction under the US30 dollars a barrel mark up more than $1 dollar a barrel (See… http://www.bloomberg.com/energy/ for live prices).

On the flight to safety side of the ledger the gold price is presently up $3 so far today at $289USD an ounce, back at the top of the immediate post WTC crash price spike (See.. http://www.imdtrading.com/gold_prices.htm for live prices).

US’s market setting markets have been closed since the tragic events last Tuesday (New York Time – Wednesday NZT) and will be opening early tomorrow morning New Zealand time.

Before then the European markets are due to open this evening NZT and may provide some indication of how New York is likely to open after its longest break in trading since World War One.

(Continuing…)

© Scoop Media

 
 
 
Top Scoops Headlines

 

27-29 Sept: Social Enterprise World Forum Live Blog

1600+ delegates from more than 45 countries have came together to share wisdom, build networks and discuss how to create a more sustainable future using social enterprise as a vehicle. Attending the Forum were social enterprise practitioners, social entrepreneurs, policy makers, community leaders, investors, activists, academics and more from across the globe... More>>

HiveMind Report: A Universal Basic Income For Aotearoa NZ

Results from this HiveMind suggests that an overwhelming majority of Kiwis believe that due to changing circumstances and inefficiencies in the current system, we need a better system to take care of welfare of struggling members in our society. More>>

ALSO:

Scoop Hivemind: Medical Cannabis - Co-Creating A Policy For Aotearoa

Welcome to the fourth and final HiveMind for Scoop’s Opening the Election campaign for 2017. This HiveMind explores the question: what would a fair, humane and safe Medical Cannabis policy look like for Aotearoa, NZ in 2018? More>>

ALSO:

Lyndon Hood: Notes On National’s Election Campaign, In Poem Form

Nationyl’s bitumen-ing / As they du du / Seed groweth / River floweth / Then ‘dozer drives thru / Highway ensu. More>>