European Markets Down About 6% This Morning
Good thing we just dumped $700 billion in, ain’t it?
ATLANTA (CNN) — The major markets of Europe and Asia were sharply lower on Monday as traders looked past America’s bank bailout bill and focused on Europe’s growing financial crisis.
The most influential European markets — London’s FTSE 100, the CAC 40 in Paris and the XETRA DAX in Frankfurt — were off about 3% to 6% in the first half of the trading day.
Russia’s RTS index fared worse, pushing its losses into double-digit territory. A midday (5 a.m. ET), the index was down more than 12%. The index lost 9% of its value in the first 30 minutes of the trading day.
Trillions have been wiped out, and given how things are I expect the next few months will be worse. The US retail sector is going to get slaughtered; who’s going to buy anything? These next few months are the most important ones for the economy, with so much centered on the Christmas shopping season. Are you going to spend a lot this year?
That’s what I thought. Me neither.
Update: Looks like I’m not alone on this.
Biz | tree hugging sister | 
October 6, 2008 6:12 am
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The futures are down in the basement somewhere. Looks like the market doesn’t like the bailout much.
Ugh. Teachers were coming into the library to announce the market’s status and talking sadly at lunch about how they were not going to go overboard on holiday shopping–finally I looked at them and said, “I quit my job to do student teaching.” It’s been really fun the past couple weeks.