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The second wave of the financial crisis dealt another blow to investors’ confidence as large banks suffered huge quarterly losses during the fourth quarter. Fear and panic erupted among investors as Bank of America and Citigroup reported fourth quarter losses. Citigroup posted a loss of US$8.29 billion, while Bank of America (BoFA) registered a net [...]
The US Federal Reserve took further steps to speed up the recovery of economic growth as it reduced the Fed rate to a range of 0-0.25 percent from 1.0 percent earlier. This extraordinary move by the Federal Reserve had a positive impact on markets across the globe with the Dow Jones Industrial Average (DJIA) index [...]
The news of various stimulus packages around the world and the failure of auto bailout package in the US were two broad themes that dominated global markets in the week ended December 12, 2008. Stimulus packages and injection of liquidity led to a broad-based rally among the major global indices. The US President-elect, Barack Obama [...]
The week ended December 05, 2008 witnessed the official confirmation of a recession in the world’s largest economy, the US. The National Bureau of Economic Research (NBER) declared that the US economy has been in recession since December 2007. The Eurozone, which is also in recession, witnessed further rate cuts by monetary authorities. The European [...]
Investors were euphoric after the appointment of an US economic recovery team by President-elect Mr. Obama, which included Ex-Fed chairman Mr. Volcker. Moreover, expectations that the economy would recover earlier than anticipated and the move by the Federal Reserve to unfreeze credit markets by committing another US$800 billion added to the optimism. Through the new [...]
Uncertainty over the future of Citigroup, one of the world’s largest banks, and Detroit’s Toika during the week ended November 21, 2008, led to massive sell-off in global equity markets. With the congressional leaders rejecting their proposal for an early financial assistance, the future of the leading automakers in the US, General Motors Corp., Ford [...]
Equity markets globally showed some positive gains during the week ended October 31, 2008, following the series of rate cuts by the leading global central banks to further ease up the liquidity situation. The Federal Reserve cut the benchmark Fed funds rate for the second time in October by 50 basis points to 1.0 percent. [...]
