UWC Currency - page 14
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23.09.2011
Full panic grips
global markets
Global markets experienced its worst falls since the Lehman Brothers bankruptcy in 2008.
Dow Jones fall 3,51 % to 10 733 after a miserable session in Europe. Statements from the World Bank
and IMF (International Monetary Fund) renewed fears for a double dip recession.
The steep falls continued in Asia. Oil and banking shares were hardest hit, and commodities followed
suit. Gold reached its lowest levels in week tumbling to 1736. Silver fell with 10%. Oil continued its slide. NYMEX
tipped below 80, but recovered to 81 in late Asia trading. Brent is 106.
USD normally regarded as a safe haven in crisis, gained against all currencies Wednesday, but corrected
somewhat during Asian trading. Euro/USD trading at 1.3525; 1 % up from bottom levels the day before in
expectation that the week-end G-20 meeting shall bring some relief for the Euro-zone and especially Greece.
Several commentators yesterday took a double dip recessions as a forgone conclusion and predicted the start
of a prolonged bear market. The market met slightly better US-unemployment figures with no movement and a sigh.