US recession fears savage world financial markets

[Omaha Steve]

Source: AP-Excite

By CARLO PIOVANO

LONDON (AP) - World stock markets took a beating Monday over fears that the U.S. economy was heading back into a recession just as the European debt crisis was heating up and the eurozone's economic indicators were slumping.

Any troubles in the world's largest economy cast a long shadow over the markets, and a report Friday that the U.S. economy failed to add any new jobs in August caused European and Asian stock markets to sink sharply Monday.

But the news from Europe was also discouraging. Wall Street, which was closed Monday due to the Labor Day holiday, braced for losses Tuesday after the yields in so-called peripheral eurozone countries - Greece, Italy and Spain - rose sharply against those of Germany, whose bonds are widely considered a safe haven.

Although retail sales in the 17-nation eurozone rose unexpectedly in July, a survey of the services sector Monday showed a slowdown across the continent for the fifth consecutive month. The purchasing managers' index for the eurozone showed the services sector was still growing - unlike the manufacturing sector - but only barely. That will add pressure on the European Central Bank to keep interest rates on hold when it meets this week.

Read more: http://apnews.excite.com/article/20110905/D9PIJFRO0.html

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A man looks at an electronic stock board of a securities firm in Tokyo, Monday, Sept. 5, 2011. Asia-Pacific stocks took a beating early Monday after jobs data out of the U.S. last week revived fears of a recession in the world's largest economy. (AP Photo/Koji Sasahara)

[Cali_Democrat]

1. The Dax was down 5.28% today

:wow:

[DJ13]

2. As manipulated as our (US) markets now seem

I wouldnt be surprised if the Dow (NYSE) was flat to up tomorrow.

[Demeter]

3. One can only manipulate so far

Any attempt to goose the market up through machine trading will only let real people, who didn't move fast enough earlier, pull out of stocks more.

[unblock]

4. futures are down about 2% at the moment.

where they'll be by the opening, or by the close, though, who knows.

for now, though, it's not looking like a happy day.

[CountAllVotes]

5. Gold is over $1900.00 an oz!

:wow:

[defendandprotect]

7. Schultz, Rhodes, Hartmann have been pushing gold for 5 years or more ... !!

What I don't get is how you walk around with your little sack of gold

bartering for what -- ? Food, a boat -- ?

Either we all make it together or making it won't be worth much, imo.

[CountAllVotes]

8. well, I'd like to have a lot of this

Too bad I didn't stock up several years ago. I'd be rich today!

[defendandprotect]

6. A "recession" caused this panic -- looks more like a depression -- !!

Take a look around your neighborhoods, folks --

I'm seeing empty stores which have been vacant for years --

In Cranford, which suffered huge impact from Irene, I imagine there will be many

empty stores -- one I'm aware of can't reopen because it would cost them $300,000 --

tho it was a thriving business.