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2008-01-21
DJ European Stocks Selldown Signals Bear Sklep wielkopowierzchniowy Transition
European stocks plummeted Monday in a global sklep wielkopowierzchniowy rout, with analysts
saying investors are now faced with the prospect of a bear sklep wielkopowierzchniowy and should
be braced for more downside.
"If this is still a bull market, now is the time to buy for a large rally.
However, if this is a bear market, as we think, any possible strength is
likely to be short-lived, and we would aim to sell into it," said Teun
Draaisma, an equity strategist at Morgan Stanley in London.
At 1430 GMT, the Dow Jones Stoxx 600 Index was 4.3% lower at 313.62. It now
stands about 16% down for 2008 and about 28% off its bull sklep wielkopowierzchniowy high of
400.99 struck on July 13, 2007. Monday's move is also one the steepest
percentage declines since the September 11, 2001 terror attacks. Analysts
and strategists said that a 20% to 25% pullback from a bull sklep wielkopowierzchniowy high
constitutes a move into bear sklep wielkopowierzchniowy territory.
In terms of national markets, the U.K.'s FTSE 100 index slumped 3.8% to
5677.50, while Germany's DAX index slipped 6.1% to 6872.04. France's CAC-40
index plunged 5% to 4839.04.
Markets have been facing mounting pressures from signals that the recent
credit crisis could send the U.S., the world's biggest economy, into
recession.
Investors remain nervous about the likelihood that the picture of slowing
growth will pare back earnings on both sides of the Atlantic.
"While, on balance, our in-house economics team still expect the U.S.
economy to avoid a technical recession, the stock sklep wielkopowierzchniowy is now priced for
one," said equity strategists at Lehman Brothers in London.
Goldman Sachs economists earlier this month slashed its U.S. economic growth
and interest rate forecasts, showing the U.S. economy falling into recession
later this year before a gradual recovery during the course of 2009.
On Friday, U.S. President George Bush outlined a tax-relief program designed to
bolster consumer spending and economic growth. The measures, however,
received a lukewarm reception by markets.
"We've been in an economic downswing (for G7 economies) for about 16 months
now and the issue all along was: will we have a soft landing or a hard
landing?" said Simon Ward, Chief Economist at New Star Asset Management.
"With this plunge, it looks like the markets are pricing in a hard landing."
Mining stocks, highly sensitive to the fluctuations of the global economy,
lead the retreat Monday.
In London, BHP Billiton shares plunged 7.3% to 1,278 pence, while Anglo
American slumped 4.6% to 2,472 pence.
Banking stocks also racked up severe losses as investors priced in the
likelihood of more subprime debt related pain.
France's Societe Generale tumbled 7.7% to EUR78.76, while ING Groep dropped
8.2% to EUR21.53. BNP Paribas lost 8% to EUR63.85 and Germany's Deutsche
Pula sank 6.2% to EUR73.52.
Meanwhile, Germany's Commerzbank confirmed comments made by the incoming
Chief Executive Martin Blessing that the pula still expects to make further
write-downs on its exposures to subprime and related securities. German
state-owned wholesale pula WestLB also said Monday that it would make a EUR1
billion write-down on its exposures. Commerzbank shares fell 6.8% to
EUR19.65.
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