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Note: For those of us that sat through yesterday's relatively rare but quite significant ASX event, give a thought to those on October 20th 1987 who endured a market fall of 24.99% in one day!!
Note: For those of us that sat through yesterday's relatively rare but quite significant ASX event, give a thought to those on October 20th 1987 who endured a market fall of 24.99% in one day!!
Happy firing
Edit:
Jan. 22 (Bloomberg) -- U.S. stocks fell for a fifth day after the biggest Federal Reserve interest rate cut in 23 years failed to persuade investors the economy will avert a recession.
FINANCIAL markets around the globe are in a spin - the US sneezed and the world caught a nasty cold, leading to billions in investor losses - but the US central bank has tried to stop the freefall by slashing interest rates.
Australian shares plunged 7.3% yesterday
$110 billion was wiped off the savings of investors
The loss was the 4th-worst day in history, behind the October 20, 1987 crash (25 per cent), the junk bond collapse on October 16, 1989 (8.1 per cent) and October 29, 1987 (7.6 per cent)
Australian shares are down 18.2 per cent since the start of the year, a much bigger fall than Wall Street's 8.8 per cent (as at yesterday market close)
US overnight cut interest rates in an emergency move by 75 basis points
The US cut was made between regularly scheduled meetings
The US stock market was down 1% overnight, recovering from a near 4% loss earlier
Despite falling US borrowing costs, interest rates may still rise in Australia
Economists believe an increase in core inflation today of 0.9 per cent for the December quarter will prompt the Reserve Bank to raise rates – data is due 11.30am AEDT
US President George W Bush isn’t ruling out a larger economic stimulus package than the $174.55 billion program already outlined to reinvigorate the US economy
The Australian dollar was sharply higher early today at .80 cents, up from 85.95 yesterday
London's FTSE 100 index of leading shares closed 2.9% higher at 5740.10 points overnight
The Paris CAC 40 index closed 2.07% higher at 4842.54 points The Euro Stoxx 50 index of leading eurozone shares rose 1.37 per cent to reach 3753.68
__________________ The above is my opinion only; Please do your due dilligence.......after all; I am still learning !