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?!

8 comments:

  1. meanwhile, back at the precioussss ...

    $ 900 has been breached !

    ReplyDelete
  2. Anonymous10:32 pm

    Wall Street is cutting off limbs just to keep trading. I wonder what the SWFs will do once they finish buying Manhattan and realize that it is toxic waste. All of them are in the red with their investments, so far. It could turn around, but it would have been better to let them die and pick through their assets in a liquidation sale.

    I must be missing something (under the covers deal?).

    ReplyDelete
  3. Interestingly, while Citigroup's ordinary shares fell 7.3% yesterday, its fixed-interest prefs rose (along with others')

    so

    (a) the market becomes ever more convinced that a falling Dow will lead to falling interest rates, and

    (b) Citi's ability to service its debt is not seriously questioned (yet)

    ReplyDelete
  4. Apparently, the FTSE 100 (or its predecessors) have always gone down under Labour governments. So it'll fall to 3,500 or less over the next couple of years. That's my long term prediction (remembering that it hit 7,000 and went back down to 3,300-odd since 1997)

    ReplyDelete
  5. Mark, we are beginning to see the classic Labour-inspired economic rout. The wonder is how they managed to delay it by ten years, the worry is that having delayed it by ten years it will be much, much worse.

    ReplyDelete
  6. Anonymous11:26 am

    Citi is a Norwegian Blue.

    ReplyDelete
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