Nikkei books biggest loss in 9 months [Stockmarket about to crash]

[strizi64]

Nikkei books biggest loss in 9 months, Toyota hit

Mon Mar 5, 2007 1:12am ET

TOKYO, March 5 (Reuters) - The Nikkei share average fell 3.3 percent on Monday, its biggest one-day tumble in nine months and a new low for 2007, as investors continued to dump exporters such as Toyota Motor Corp.and Canon Inc. following the yen's rise.

The sell-off pushed the benchmark share average below the psychologically important 17,000 level for the first time in nearly two months and left investors wondering when stocks will rebound.

The Nikkei <.N225> tumbled 575.68 points to 16,642.25, its lowest close since December and its biggest one-day percentage loss since June 2006

It's going to be another funny day at Wallstreet :nopity:.......

[Kagemusha]

1. Dude, that stock market's hit 8000 within everyone's memory.

That was when they talked about a bank crash over in Tokyo. Fortunately, that never happened and things pulled out.

[TheWatcher]

10. Keep Telling Yourself That,

Nothing Bad Ever Happens In Pleasantville.

[UpInArms]

16. blue skies with a high of 72 and a low of 72

n/t

[Heidi]

2. Here's the link:

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2007-03-05T070527Z_01_T306744_RTRIDST_0_MARKETS-JAPAN-STOCKS-UPDATE-9.XML&rpc=66&type=qcna

[Guaranteed]

3. We're due for a depression.

Every 80 years.....it's a comin'.

Too much fake money around.

[sarcasmo]

23. Welcome to Michigan, we are already in a Depression.

500,000 lost jobs, I would call that a Depression.

[Dammit Ann]

4. GREAT article on our Stock Market...

I was just about to post. Scary stuff.
Check it out...
http://www.dissidentvoice.org/Mar07/Whitney04.htm

[truthisfreedom]

5. The Second Great Depression

http://onlinejournal.com/artman/publish/article_1777.shtml

The second Great Depression
By Mike Whitney
Online Journal Contributing Writer


Feb 22, 2007, 00:45

Email this article
Printer friendly page
“The US economy is in danger of a recession that will prove unusually long and severe. By any measure it is in far worse shape than in 2001-02 and the unraveling of the housing bubble is clearly at hand. It seems that the continuous buoyancy of the financial markets is again deluding many people about the gravity of the economic situation.” --Dr. Kurt Richebacher

“The history of all hitherto society is the history of class struggles.” --Karl Marx

This week’s data on the sagging real estate market leaves no doubt that the housing bubble is quickly crashing to earth and that hard times are on the way.

“The slump in home prices from the end of 2005 to the end of 2006 was the biggest year over year drop since the National Association of Realtors started keeping track in 1982.” (New York Times)

The Commerce Dept announced that the construction of new homes fell in January by a whopping 14.3 percent. Prices fell in half of the nation’s major markets and “existing home sales declined in 40 states.” Arizona, Florida, California, and Virginia have seen precipitous drops in sales. The Commerce Department also reported that “the number of vacant homes increased by 34 percent in 2006 to 2.1 million at the end of the year, nearly double the long-term vacancy rate.” (Marketwatch)

The bottom line is that inventories are up, sales are down, profits are eroding, and the building industry is facing a steady downturn well into the foreseeable future.

The ripple effects of the housing crash will be felt throughout the overall economy; shrinking GDP, slowing consumer spending and putting more workers in the growing unemployment lines.


Much more at article... please read!

[Dammit Ann]

6. Yes, everyone should read this!

I read Mike Whitney all the time. He is fantastic. He's scares the bejeebus out of me, though, and I'm ALREADY poor as hell. :yoiks: ;-)

[DemReadingDU]

9. Great Article!

Elsewhere I have heard about the PPT, but this article gives a great summary about it!

[w8liftinglady]

12. thanks for that article-economics is not my strong point.N/T

[TheWatcher]

11. Great Article.

But don't be surprised to be charred to a cinder by the Pleasantville crowd on DU.

They like their accepted status quo Matrix.

And they don't take kindly to it being fucked with.

[pampango]

18. Is the Pleasantville crowd always this slow to show up?

I haven't visited many stock market threads in the past, so I'm not sure how big the Pleasantville crowd is. Is Kagemusha the only member of the P club? So far I would have to say that he is looking a little more charred than those who have courageously challenged him.

[nick303]

24. As opposed to the doom n' gloom Cassandra crowd?

[UpInArms]

17. hey, dammitann, can you post that to the SMW?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2755415&mesg_id=2755415

[Up2Late]

7. Asian markets retreat with investors' eyes on China (AFP)

Asian markets retreat with investors' eyes on China

05/03/2007 07h24

TOKYO (AFP) - Asian stock markets came under fresh selling pressure in early trade on Monday, tracking Wall Street lower amid continued anxiety about the health of global markets, dealers said.

They said that investors in the region were keeping a close watch on the Shanghai market where share prices extended losses in morning trade as a keenly anticipated speech by Premier Wen Jiabao's provided few new leads.

Tokyo led the way lower with the benchmark Nikkei-225 index down 2.34 percent in mid-afternoon trade, dropping below the 17,000 points level for the first time in almost two months.

Dealers said that exporter shares were hit by a stronger yen, which rose to the highest level for almost three months against the dollar, undercutting the overseas earnings of Japanese companies. "A short-term bottom is not in sight right now as shares are still on course for a further decline," said Norihiro Fujito, chief analyst at Mitsubishi UFJ Securities, warning that the 16,000 points level was within range.

(more at link) <http://www.afp.com/english/news/stories/070305061731.ajr3zwfo.html>

[Up2Late]

8. Watch it happen (almost ) LIVE here!

Nikkei (over the last month) <http://news.bbc.co.uk/2/hi/business/4769310.stm>

Market Data (unfortunately, it looks like the BBC changed the way they display their data, no more little stock charts). :(

<http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/overview/default.stm>

[LizW]

13. Not really so funny

Lots of us folks struggling to stay in the middle class are going to see our kids' college possibilities go up in flames.

[smoogatz]

19. A lot of middle-class retirements are threatened, too.

Hilarious!

[RebelOne]

20. I have a 401K and an IRA to worry about.

I want to retire in a couple of years, but will probably have to keep working until I die.

[smoogatz]

22. Who doesn't?

I actually worry more about my mother's situation than my own.

[soothsayer]

14. what spin will wall street put on it this time? unplugged server or

whatever phony excuse like last time?

[SpiralHawk]

15. "Don't worry. Me and my republicon cronies are doing great." - Commander AWOL

"Smirk, smirk, smirk." - Commander AWOL

[brentspeak]

21. Isn't the market overvalued as it is?