Word: routes
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...reversal, and what does it bode for the coming days and months? Anyone claiming they know is blowing smoke. Though the brutal rout of global markets last week arose from fears the world's banking and financial markets risked total collapse in the face of the toxic credit crisis, government rescue plans detailed this week in both the U.S. and Europe mostly allayed those concerns, sparking surges on Monday and Tuesday. Market plunges since then came in the wake of negative news indicating serious slowing of American economic activity...
...Though it doesn't change the dismal bottom line, there is a difference between the current slide and the one that eviscerated markets last week. The earlier rout was caused by continuing fears that governments were not sufficiently committed to prevent the world's finance and banking sector from collapsing - worries temporarily allayed by rescue plans announced over the weekend in Washington and Paris, and detailed in trillion-dollar-terms Monday. But the confidence those measures inspired in global markets has given way to more classic concerns among traders of a looming economic downturn - or quite probably recession - undermining...
...damage had been mounting so swiftly that in the midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it called for the U.S. government to take partial ownership of nine leading banks and offer to buy pieces of hundreds of others. On Oct. 13, the nine bank bosses, assembled in the Treasury's imposing boardroom, were each handed a piece of paper with the terms: $25 billion of preferred shares...
...gain. Stocks in Korea and Singapore also ended sharply higher, gaining 3.8% and 6.6% respectively. India's Sensex added 7.7%, while China's CSI 300 index, which measures both the Shanghai and Shenzhen exchanges, was up 4.12%. Japan's stock market, which last week suffered the worst rout in its history, was closed Monday for a holiday. "I think markets took a breath and will rebound in the next few days," says Sean Tsang, senior vice president of Polaris Securities in Hong Kong...
...MSCI Asia Pacific Index finished the day up 1.2% after plummeting 16% during the previous week - the worst stock market rout suffered by the region since 1987. Hong Kong's benchmark Hang Seng index gained 3.3% after an 8.2% drop yesterday, while Korea's Kospi index rose .6%. Japan's Nikkei index fell .5% after rising in morning trading - hardly a robust recovery, but the panic selling that marked Wednesday's 9.4% free-fall dissipated, at least temporarily...