Oct 28, 2008

Carnage Again In Some Markets

But Wall Street stayed flat. Expect a rocky day on today's market as the NZX opens again. Latest business confidence survey data won't help sentiment.

This review of the internationaal markets from CNN....

Bloodletting that led to record breaking lows on shellshocked Asian markets eased Monday as Wall Street opened flat and Europe reined in earlier losses to contain the damage.

The main European markets enjoyed a mixed day with Paris' CAC 40 down 3.9 percent, Frankfurt's DAX 30 up 0.9 percent and London's FTSE 100 up 0.8 percent.

In early afternoon New York trading, the main U.S. indices were all within 1 percent of the open.
It was a contrast to Asia where a region-wide selling frenzy saw violent losses.

Hong Kong's major index closed down 12.7 percent, while Tokyo's bellwether Nikkei lost more than 6 percent, closing at its lowest level in 26 years. The index stumbled as the yen fluctuated near a record high against the dollar -- a condition that makes Japanese exports more expensive.