World News Hammer Markets, Confidence
Cars, planes, retailing, engineering, food and building groups around the world cut earnings forecasts, production or jobs on Friday in one of the gloomiest days of the year so far for earnings and stockmarket confidence.And there will be more of the same this week (See below). The announcements from Australia to Brazil, Japan, North America and Europe, are definite signs of the rapidly approaching recession that is going to crunch non-bank earnings 40% or more from current levels, according to equity strategists at Citigroup in London. The Australian dollar was hammered on Friday, shedding more than 12% in value against the yen and 8% against the US dollar in the biggest single one day fall since floating back in 1983. It was for no apparent reason. Citigroup’s team said in a note to global clients last Read More…
Comments Off