Tuesday, 15 January 2008
Crisis, What Crisis?
Crisis, what Crisis?
So just in a single day we have 4 separate yet inter-linked and worrying stories:
1. Citigroup announces the huge £10 billion loss, together with a fall in revenue of $14 billion, the largest bank in the world is officially in deep trouble and will be reliant on sovereign funds to climb out of its mess.
2. The markets, seeing this as a tip, drop again, with the FTSE hovering at about 6,000, 10% down on 3 months ago.
3. The pound falls further against the euro on expectation of further interest rate cuts, although a weak currency is good for exporters, it is very inflationary.
4. The Northern Rock saga continues, a new poll is up to accompany this.
Yikes, what will tomorrow bring?!
Posted by CityUnslicker