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

 

Denis Hew: The Pandemic Is Far From Over

Hope washed over the world when the first credible news of vaccines started appearing on news feeds. And while this meant that there is light at the end of the tunnel, not everyone can see it just yet. This month alone brought its ... More>>


Binoy Kampmark:Greed And The European Super League

Suffocating the grassroots. Mocking the working class origins of the game. World football, and primarily European club football, has long done away with loyalties in favour of cash and contract... More>>


Fatuous Defence: Australia’s Guided Missile Plans

Even in times of pandemic crises, some things never change. While Australia gurgles and bumbles slowly with its COVID-19 vaccine rollout, there are other priorities at stake. Threat inflators are receiving much interest in defence, and the media ... More>>

Mixed Sight: New Zealand, The Five Eyes And China

The Five Eyes arrangement between the United States, United Kingdom, Canada, Australia and New Zealand has always resembled a segregated, clandestine club. Focused on the sharing of intelligence between countries of supposedly like mind, it has shown that ... More>>


Binoy Kampmark: Brawling Over Vaccines: Export Bans And The EU’s Bungled Rollout
The European Union has been keeping up appearances in encouraging the equitable distribution of vaccines to combat SARS-CoV-2 and its disease, COVID-19. Numerous statements speak to the need to back the COVAX scheme, to ensure equity and that no one state misses out... More>>

Jennifer S. Hunt: Trump Evades Conviction Again As Republicans Opt For Self-Preservation

By Jennifer S. Hunt Lecturer in Security Studies, Australian National University Twice-impeached former US President Donald Trump has evaded conviction once more. On the fourth day of the impeachment trial, the Senate verdict is in . Voting guilty: ... More>>