Sep. 17, 2008.
Russias major stock exchanges, the RTS and the MICEX, suspended all trade for an hour on Tuesday after indices took a dive. The fall reflects events on Wall Street, where share prices have plunged largely due to the fourth largest American investment bank Lehman Brothers filing for bankruptcy protection.
If the American stock market is going down, its taking everybody with it. The Moscow Interbank Currency Exchange (MICEX) saw its worst ever day, plunging 17% on Tuesday.
Three months ago the Russian Trading Systems dollar-dominated index hit record highs – along with the oil price. Now the RTS has fallen by half and oil is down one third.
I believe China is the worst performing in the world. Ukraine is right up there. But investors have certainly noticed the u-turn the Russian market has taken in the second half, says Erik Depoy, Alfa-Bank equity strategist.
Of the BRIC emerging markets, China, is down 60%, Russia is down 50, and Brazil and India around 25%.
A lot of other countries in the world are very envious of Russia’s very strong fiscal position, the budget surplus and so on. But the financial markets are a very different story. And again, the fact that Russia was performing so well in the first half is a recognition of this, Depoy says.
Central banks around the world have pumped money into the financial system, led by the U.S. Federal Reserve with $US 50 billion. Russia allotted US $19 billion to the Russian markets on Tuesday, with more planned for Wednesday.
I think Russia’s relatively well positioned because although its right at the bottom its now also by far the cheapest so if there’s a rebound one could assume that Russia will come up really fast, says Tom Mundy, equity strategist at Renaissance Capital.
As bad as the situation may look, there is a silver lining. This latest sell-off shows Russia is now closely integrated in the world’s financial system.
Source:
http://www.russiatoday.com/business/news/30530
Duration : 0:2:50
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Update: April 7 2008:
Since producing this video, I’ve been introduced to and following another investment expert whom I’d like you to know about. Visit www.TrueContrarian.com for more information.
The sub-prime mortgage crisis has led to the bursting of the US housing bubble. What’s next?
Craig Brockie and New York Times best selling financial author and economic forecaster Robert Prechter share how to survive & prosper in a deflationary depression.
Find answers to these questions:
Bull market boom or bear market bust ahead? Recession or depression? Inflation or deflation? Buy or sell? U.S. dollar, Yen, Euro, Amero, gold or silver? Equities or bonds? Can the Fed save the day? Will Ben Bernake and the Federal Reserve print the greenback into oblivion and create a repeat of the German Weimar Republic? Or will we experience another stock market crash followed by a repeat of The Great Depression?
Avoid foreclosure of your home, protect your retirement savings by selling your mutual funds and stocks before the herd, avoid a run on the bank and your insurance company going broke. Sleep well knowing you’re prepared.
Who has the answers? CNBC, Bloomberg, The Wall street Journal, The Economist, The Globe and Mail, or BBC World? How about an interview or panel with Donald Trump, Jim Cramer, Alan Greenspan, Warren Buffet, Doug Casey, Jim Shepherd, Milton Friedman, Naomi Klein, George W. Bush, Hillary Clinton, Barack Obama, Aaron Russo, or Libertarian Ron Paul to save the day?
Should you invest in the NYSE companies, Dow Jones Industrial Average, S&P 500 Index, Nasdaq technology stocks, emerging markets such as China, forex and interest rate derivatives, short selling, put options, call options, commodities, commercial real estate, buy homes with no money down, or sell your house? Who will win the next election — the Democratic or Republican party?
Watch this free video and compare it to what you hear on tv shows, radio programs, Googling the web, or your favorite dvd, Youtube channel or online blog. Or Google “The Great Depression” and educate yourself about “deflation” to save your money and financial well being.
It’s a mad world of conflicting opinions about oil and energy prices, billionaire wealth, billion dollar earnings and merger and acquisition news, and trillion dollar debts. Yesterday’s sell off followed by today’s rally on equities (despite the war on terror) leaves both buyers and sellers confused. What’s the big idea? Small caps, market cap, recap, refinance? Wait, there’s GM, GE, HSBC, UBS, RBC, CIBC, TD, BMO – and plain old BS.
I know this sounds like a George Carlin rant, but I bet he could make more sense of the confusing world of finance than most Wallstreet “experts”, reporters and journalists.
Welcome to my five minute show.
Enjoy!
CraigBrockie.com
Duration : 0:4:55
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Duration : 0:9:57
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The Economic Collapse/Tsunami/Meltdown or titalwave of selling is going to come as we move towards the 2012 Mayan Calendar shift in Consciousness. President Barrack Obama is doing the same thing that George W. Bush did and that is bail these companies out and that is the same old stuff. I said guilty until proven innocent for Mr. Obama and I seem as if I am right.
This video contains predictions that I am making on the stock market and where this could be heading.
Duration : 0:19:40
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Good for Stocks, Better for Gold: Bernanke’s “Stuck at Zero,” Michael Pento Says
Yahoo Tech Ticker – Feb 12, 2010 12:50pm EST by Peter Gorenstein
Once again, Beijing’s efforts to cool their red hot economy are causing a sell-off on Wall Street. For the second time in a month, China said it would require banks to increase reserve levels thereby curtailing lending.
The news quickly killed Thursday’s one-day rally and once again raised concerns the recent market sell-off is in its early stages. “The global economy is slowing,” says Michael Pento, chief market strategist with Delta Global Advisors, pointing to stagnant commodity prices. “That’s why I think, we’re having a double-dip recession here in the United States and a slowdown, unlike what the IMF predicts, a slowdown in global GDP.”
Though it’s a near term headwind, Pento believes that economic weakness could actually spark a rally later this year, once the market realizes Federal Reserve Chairman Ben Bernanke, contrary to recent posturing, will keep rates “stuck at zero.”
Low rates will kill off the dollar rally and “be positive, in nominal terms, for the major averages,” says a confident Pento.
But, if you want to make real money, Pento suggests buying hard assets and precious metals, namely gold. He tells Aaron in this clip, he plans to buy back half of the precious metals assets he sold in November, once Bernanke re-starts quantitative easing in the second half of the year.
If you are an equity buyer Pento recommends PennWest Energy Trust and Chilean fertilizer maker, SQM.
Duration : 0:6:20
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Economic Collapse is in full gear now as the stock market is showing signs of falling and the previous level of support of 8,400 on the Dow Jones (DJIA) is now being used as Resistance from Wednesday’s action. Everything from the stock market seems very bearish and this would indicate a bigger decline coming very soon. 8,000 is the next level of support and this should be broken in the next few trading days, if not by the end of this current day. The technical analysis of the stock market is telling me that much more of a decline is going to happen for this is a serious decline. This is more signs of the 2012 prophecies being true also.
Duration : 0:14:0
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Looks like the Stock Market indexes are set to crash once more and resume the bear trend. Many technical and cyclical factors contribute to this bearish view, especially prominent for Dow Jones and S&P500.
Duration : 0:7:23
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This guy lost his money, his job, and wants to kill himself, but Tony stops that. I was at this event. The guy is for real. One year later he was paying is friend back and making six figures in a new career.
Duration : 0:2:17
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Duration : 0:5:21
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Monday, August 31 12:48:54
A report that Chinese state-owned companies will be allowed to walk away from loss-making commodity derivative trades provoked anger and dismay among investment bankers on Monday as they feared it may set a damaging precedent.
The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
While the details of the report could not be confirmed, it was Monday’s hot topic in financial circles from Shanghai to Singapore as commodity marketers feared that companies holding underwater price hedges could simply renege on the deals, costing banks millions of dollars in profit.
The warning from SASAC follows a series of measures from Beijing this year to crack down on the sale of derivative products by foreign banks to Chinese enterprises, principally big consumers, who bought protection against higher prices last year only to watch the market collapse — leaving them with losses.
While many companies including top airlines have come clean on the losses, some analysts fear another wave may follow.
“I wouldn’t be surprised if more state firms emerge with big derivatives trading losses, otherwise SASAC wouldn’t come out with such a radical move,” said a Hong Kong-based derivatives analyst, who like most other industry officials and bankers declined to be named due to the high sensitivity of the issue.
A SASAC media official said on Monday that he was waiting for the “relevant department’s” official comment before he can clarify to media. A government official said that the Bureau of Financial Supervision and Evaluation under SASAC was handling the issue. The official declined to be named and did not elaborate.
Spokespersons at Goldman Sachs and UBS declined comment, and media officials at Morgan Stanley and JPMorgan were not immediately available for comment. All are major global providers of commodity risk management.
No bank were named in the Caijing report. The SASAC media officer also declined to identify any specific banks.
“It’s a handful of companies who are being encouraged by regulators to re-negotiate,” said a second banking source. “It’s outrageous, but it’s China, so everyone is treading very carefully.”
For banks that are hoping to sell more derivatives hedges in China, the world’s fastest-expanding major economy and top commodities consumer, the danger goes beyond the immediate risk to existing contracts to the longer-term precedent that suggests Chinese companies can simply renege on deals when they like.
The report follows an order from SASAC in July that required all central government-controlled state companies engaged in trading derivatives to make quarterly reports about their investments, including details of holdings and performance.
But the reported letter opened several important questions that could not immediately be answered. “If we were among the banks receiving that letter, we would be very angry. But now the key is to find out more details on the letter: In whose name the letter was issued, the government or the corporate’s? And under what was the reason for defaulting?” said a Singapore-based marketing executive with a foreign bank.
The source, whose bank did not receive a letter, said that Air China, China Eastern and shipping giant COSCO – among the Chinese companies that have reported huge derivatives losses since last year – had issued almost identical notices to banks.
“If it’s in the name of the government, the impact will be very negative,” said the source, who declined to be named.
Beijing-based derivatives lawyers said the so-called “legal letter” has no legal standing — SASAC as a shareholder has no business relationship with international banks.
“It’s like the father suddenly told the creditors of his debt-ridden son that his son won’t pay any of his debt,” said a lawyer from the derivatives risks committee of the Beijing Lawyers Association. (C ) Reuters
Duration : 0:3:27
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