Archive for January 21st, 2008

Can I get a womp- womp?

I love today’s series of photos depicting stock market disappointment from across the world. This picture is from Frankfurt. The picture in the Netherlands isn’t pretty either:

Share prices on the Amsterdam stock exchange fell by as much as 6% on Monday as fears grew that the US economic crisis would drag other economies down with it.

Shortly before 1pm, the AEX blue chip index had fallen to 421.5 points before recovering slightly to around the 432 points by 3pm.

The downturn comes a day after central bank president Nout Wellink warned that the American credit crisis would have an effect on the Dutch economy and finance minister Wouter Bos is being too optimistic in his forecasts.

Wellink told television programme Buitenhof on Sunday that he expected economic growth to fall to between 1.5% and 2.5%, compared with the 2.6% forecast at the end of 2007.

Bos must start planning to offset any economic downturn now, Wellink said.

Analysts said Monday’s decline was accelerating towards panic. ‘The stock exchange declines and the negative sentiment are increasing. No-one knows where the end will be and that is extremely scarey,’ Rob Koenders of asset managers Harmony, told the Financieele Dagblad.

‘Investors are throwing in the towel,’ Rik Zwaneveld of AFS Brokers was reported as saying.

Meanwhile, research by marketing consultancy USP published on Monday, found that fear of a recession was receding. One in five households expected the US housing market crisis to impact on the Netherlands, compared with 25% six months ago.


January 2008
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