Jan 22, 2008

Europe Starts Down - Recession Looking More Likely

While New Zealand stabilised a bit today (after a very bad start), 20 minutes into the trading day Europe's three main markets have all started well down - between 3.88% and 5.5%. This does not auger well for our market tomorrow.

Yesterday's sell off is front page on this morning's New York Times.

We hate to say it but we are looking at more of a recession than a slow down.