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Shares in Asia ended the previous week sharply lower after plummeting for several days in a row, amid a tide of bad news and panic-selling. But - apart from Japan - the falls in most markets last Friday were less severe than those seen last Thursday, as equity indices bounced off their intra-day lows in afternoon trading to regain much of the ground lost earlier in the day. The Straits Times Index plunged by as much as 190.15 points or 6% during the day, before recovering to end just 21.45 points or 0.7% lower at 3,130.71. The STI is up 4.9% for the year-to-date, compared to 22.8% at its peak just a month ago on July 24.
In a surprise move before the market's open last Friday, the Fed cut the discount rate on its loans to banks to 5.75 percent from 6.25 percent. The fed funds rate on interbank loans was left at 5.25 percent. Stocks, which erased nearly all of a 300-point decline in the Dow industrials in the final hour of last Thursday's trading, rocketed higher on Friday after the Fed's move. But the rally on Friday was not enough to prevent the major indexes from finishing with losses for the week. The Dow Jones industrial average ended the week down 1.2 percent, the Standard & Poor's 500 index fell 0.5 percent and the Nasdaq composite index declined 1.6 percent. For the year, though, all three U.S. stock indexes are still higher. The Dow is up 4.9 percent, the S&P is up almost 2 percent and the Nasdaq is up 3.7 percent. Friday's surge helped the S&P recover from the previous two days, when the broad index had given up all its gains for the year.
India's second-largest lender ICICI Bank
The U.S. central bank slashed its discount rate by a half-percentage point to 5.75 percent on Friday, but left its benchmark federal funds rate steady at 5.25 percent.
The Fed also said "downside risks to growth have increased appreciably," in a rare statement issued between regular meetings, dropping its views about inflation being a major concern.
Nikkei futures traded in Chicago closed 3.5 percent above their peers traded in Osaka
MSCI's measure of Asia Pacific stocks excluding Japan dropped 9.6 percent last week -- its biggest weekly tumble in nearly a decade.
China's Inflation Rate Jumps to Highest in 10 Years
Inflation in China, the world's fastest-growing major economy, accelerated to the highest level in more than 10 years, fueling speculation that the government may raise interest rates for a fourth time in 2007. Consumer prices jumped 5.6% YoY in July after gaining 4.4% YoY in June. The result was above consensus estimate of +4.6% YoY. The spike in inflationary pressures was led by a jump in food costs, which climbed 15.4% YoY.
Japan's GDP Growth Slows to 0.5%Japan's economic growth slowed more than expected at 0.5% in the second quarter. This comes after a revised 3.2% gain the prior quarter and was lower than consensus estimate of +0.9%. The GDP deflator, a broad measure of price changes, fell 0.3% from the same period a year earlier, less than analysts' predictions of a 0.4% decline.
U.S. Economy: Retail Sales Rose More Than Forecast
US retail sales rose more than forecast at 0.3% in July. This follows a 0.7% decline in June and was above consensus estimate 0.2%. Excluding autos, gasoline and building materials, the retail group the government uses to calculate gross domestic product figures for consumer spending, sales climbed 0.6% after rising 0.3% the month before.
U.S. June Business Inventories Rise 0.4%, Sales Drop
The US Census Bureau announced that the combined value of distributive trade sales and manufacturers' shipments for June contracted by 0.3% in June after rising 1.3% in May. Business inventories, meanwhile, rose 0.4%, matching consensus estimate and following May's +0.5%. As growth in inventories outpaced sales, the total business inventories/sales ratio ticked up slightly to 1.27 from 1.26 registered in the previous month.
Why asia trumbled like hell? Subprime and credit crunch happened at US not asia markets.
STI high 3,688.58 - today low 2,962.01 = % down 19.7
Nikkei225 high 18,300.40 - today low 15,262.10 = % down 16.6
HSI high 23,557.70 - today low 19,386.72 = % down 17.7
KLSE high 1,392.18 - today low 1,141.56 = % down 18
Kospi high 2,015.48 - today low 1,626.87 = % down 19.3
ASX high 6,469.200 - today low 5,637.300 = % down 12.8
TSEC high 9,807.91 - today low 7,987.61 = % down 18.5
Dow high 14,121.00 - last low 12,517.94 = % down 11.35
Fed cut rate by half a %
i look at the dow futures chart in http://money.cnn.com/
and latest market comments in the same site under News -->Financial News in Brief
Hi Pension
Where can I check the dow future movement? care to share ?
Well, master knightrider, you are at least getting 140 dividend. So not bad. Although not an exact replica (STI went up a bit and close a bit lower) but dow and STI are definitely twins.
By the way snior synnexo, I don't think I knelt down when I proposed to my wife.
left_bug,
U are making me laughing out loud in my office...hahaha...
Not need kneel again...u already done it when u asked for her hand.
This is a maket full of beast. Maybe its good to hold on to your toilet paper now. Just like me...
