|
|
|
|
Thread Tools | Display Modes |
09-17-2008, 03:34 AM | #1 |
Scooby Specialist
Member#: 29059
Join Date: Nov 2002
Chapter/Region:
NWIC
Location: Rocky Point and Skyline
Vehicle:1914 Stutz Bearcat |
Doom and Gloom of the day: Russian stock market crashes, trading suspended.
Yay... we're taking the whole world economy down with us!
http://www.ft.com/cms/s/0/6ff9306c-8...nclick_check=1 Russia to take anti-crisis steps on markets in days By Catherine Belton and Charles Clover in Moscow, Rachel Morarjee in London and Reuters Russia’s government sees signs of a crisis in the financial markets and will unveil measures aimed at stabilising the situation in the next two to three days, a high-level government source said on Wednesday. “Certain signs of a crisis are seen on the market but they are mostly emotional,” the source who asked not to be named told the Reuters news agency. Traders at Micex, where early trading was suspended temporarily as investors ignored assurances by Russian officials There is still strong allure in emerging market equities - Sep-03“The measures which were agreed yesterday at a meeting chaired by First Deputy Prime Minister Igor Shuvalov will be made public within two or three days,” he added. Russian shares suffered their steepest one-day fall in more than a decade on Tuesday, losing up to 20 per cent, as a sharp slide in oil prices and difficult money market conditions triggered a rush to sell. The heads of the Russian central bank, the finance ministry and the financial market regulator met on Tuesday night for an emergency discussion on ways to halt the crisis. Earlier, trading had been suspended on both the Micex and RTS stock exchanges as investors ignored assurances by Russian officials and a cycle of distrust set in amid liquidity fears. Margin calls forced domestic traders to liquidate positions and brokers pulled credit lines. At least one Moscow bank failed to meet payments. The rouble-denominated Micex Index closed 17.75 per cent down, the sharpest one-day drop since the August 1998 financial crisis, while the dollar-denominated RTS index closed down 11.47 per cent, its lowest lvel since January 2006. Interbank money market rates climbed to 11 per cent, their highest since a mini-banking crisis in summer 2004. Chris Weafer, chief strategist at Uralsib investment bank: “We’re in completely uncharted territory where the prevailing emotion is of fear and numbnes. No one knows where this could stop”. Alexei Kudrin, finance minister, insisted that the financial system was not in a systemic crisis but the central bank injected a record $14.16bn in one-day funds into the money market. The finance ministry also placed an additional R150bn ($5.8bn) in one-month deposits into the banking system. Konstantin Korishchenko, central bank deputy, told Russian news agencies that the bank and the finance ministry could provide a total of $117.6bn in liquidity to the banking sector. But market players said banks were ceasing to lend to second and third-tier companies and brokers were pulling credit lines. KIT Finance, big Moscow investment house confirmed rumours that it had been unable to make payment on a series of short-term loans. It said: “In connection with the fact that a series of our clients did not meet their obligations to our bank, we have not met our obligations to our counterparties. “We recognise our responsibility to our counter-parties and to the market and we are working intensively to resolve the situation.” Andrei Sharonov, managing director of Troika Dialog, a Moscow investment bank, and a former deputy economic minister, said: “This is a vicious circle,” said , . “It is a situation of total mistrust. The liquidity crisis is being caused by a crisis of confidence in which people are frightened to borrow and frightened to lend.” Shares in Russia’s biggest state-controlled banks led the slide with Sberbank, the state-controlled savings bank, closing 21.72 per cent down and VTB losing 29.26 per cent. The bank was suffered on investor fears about its securities portfolio, which makes up about 10 per cent of its assets. P03w
* Registered users of the site do not see these ads.
|
09-17-2008, 03:38 AM | #2 |
Scooby Guru
Member#: 6551
Join Date: May 2001
Chapter/Region:
MWSOC
Location: Carol Stream, IL
Vehicle:'01 GC8 Dinged STM '09 Concours 14 ABS Black |
it's the party heard round the world. The credit crisis doesn't affect just us, it affects every industrialized nation in the world.
|
09-17-2008, 04:01 AM | #3 |
Scooby Newbie
Member#: 121092
Join Date: Jul 2006
Chapter/Region:
International
Location: Space Station
Vehicle:LOOK OUT BELOW! Re-entry is a &!^%# |
You know, if Russia's economy collapses Russian guns and ammo will get even cheaper!
|
09-17-2008, 04:04 AM | #4 |
Scooby Specialist
Member#: 9480
Join Date: Aug 2001
Chapter/Region:
International
Location: Man of Mystery
Vehicle:2011 Wrangler Unlim. Anti-hybrid |
In Soviet Russia, Ruble spends you!
|
09-17-2008, 04:06 AM | #5 |
Scooby Newbie
Member#: 121092
Join Date: Jul 2006
Chapter/Region:
International
Location: Space Station
Vehicle:LOOK OUT BELOW! Re-entry is a &!^%# |
|
09-17-2008, 04:07 AM | #6 |
Scooby Specialist
Member#: 9480
Join Date: Aug 2001
Chapter/Region:
International
Location: Man of Mystery
Vehicle:2011 Wrangler Unlim. Anti-hybrid |
|
09-17-2008, 04:47 AM | #7 |
Scooby Specialist
Member#: 136330
Join Date: Jan 2007
Chapter/Region:
International
Location: Nippon, Yeay
Vehicle:# OCCUPY |
Karma?
|
09-17-2008, 04:57 AM | #8 |
Scooby Newbie
Member#: 121092
Join Date: Jul 2006
Chapter/Region:
International
Location: Space Station
Vehicle:LOOK OUT BELOW! Re-entry is a &!^%# |
|
09-17-2008, 05:03 AM | #9 |
Scooby Specialist
Member#: 41950
Join Date: Aug 2003
Chapter/Region:
International
Location: www.faqurug.com
Vehicle:faq u rug |
|
09-17-2008, 05:31 AM | #10 |
Scooby Specialist
Member#: 79498
Join Date: Jan 2005
Chapter/Region:
SWIC
Location: Disdain, NV
Vehicle:2020 XV |
|
09-17-2008, 09:57 AM | #11 |
RIP 1/19/64 - 7/23/11
Scooby Guru Member#: 24654
Join Date: Sep 2002
Chapter/Region:
NESIC
Location: saraseager.com
Vehicle:1957 Taggart Comet atlasshruggedpart1.com |
Russia is basically a banana republic ... never should have been added to the G7.
|
09-17-2008, 10:03 AM | #12 | |
Scooby Newbie
Member#: 33566
Join Date: Mar 2003
Chapter/Region:
International
Location: Aberdeen, Scotland
|
Quote:
About the only important thing traded on thier market is the Russian energy companies, and those are mostly state owned anyway. |
|
09-17-2008, 10:41 AM | #13 |
Scooby Newbie
Member#: 49987
Join Date: Dec 2003
Vehicle:04 STI BLUE/SILVER |
That'll teach them not to invade other counties.
|
09-17-2008, 10:50 AM | #14 |
Scooby Specialist
Member#: 2072
Join Date: Aug 2000
Chapter/Region:
MAIC
Location: Out of my mind
|
|
09-17-2008, 10:51 AM | #15 |
Scooby Newbie
Member#: 84657
Join Date: Apr 2005
Location: Colorado Springs, CO
|
|
09-17-2008, 10:54 AM | #16 |
Scooby Guru
Member#: 8891
Join Date: Aug 2001
Chapter/Region:
International
Location: Houston, TX
Vehicle:2002 WRX Silver '02 SV650 |
Last edited by SQUAD_907; 09-17-2008 at 11:15 AM. |
09-17-2008, 10:58 AM | #17 |
Scooby Specialist
Member#: 34815
Join Date: Apr 2003
Chapter/Region:
TXIC
Location: burn the land and boil the sea
Vehicle:you can't take the sky from me |
damn, dude, got a big enough pic?
|
09-17-2008, 11:03 AM | #18 |
Scooby Specialist
Member#: 12120
Join Date: Nov 2001
Chapter/Region:
MWSOC
Location: Columbus, Ohio
Vehicle:'05 Legacy GT '99 2.5 RS |
Never hope for a country with a large military to go into economic crisis. Bad news....
|
09-17-2008, 11:04 AM | #19 |
Scooby Specialist
Member#: 175854
Join Date: Mar 2008
Chapter/Region:
SWIC
Location: Pyramid Lake, NV
Vehicle:98.5 Volvo V70 XC Bleached Sphincter |
Ib4ban
|
09-17-2008, 11:05 AM | #20 | |
NASIOC Supporter
Member#: 9401
Join Date: Aug 2001
Chapter/Region:
NESIC
Location: Bis dat, qui cito dat...
Vehicle:. Truth is a pathless land... |
Quote:
One good thing about all this is that maybe if their economy tanks bad enough they will have second thoughts about pursuing WWIII... |
|
09-17-2008, 11:06 AM | #21 |
Scooby Newbie
Member#: 78760
Join Date: Jan 2005
Chapter/Region:
MWSOC
Location: Open the door get on
Vehicle:the floor everybody walk the dinosaur |
It took me 7 wheel-scrolls to get through that picture. Enjoy your points!
|
09-17-2008, 11:07 AM | #22 | |
Scooby Specialist
Member#: 12120
Join Date: Nov 2001
Chapter/Region:
MWSOC
Location: Columbus, Ohio
Vehicle:'05 Legacy GT '99 2.5 RS |
More likely, they WILL pursue WWIII. History much?
Quote:
|
|
09-17-2008, 11:26 AM | #23 |
NASIOC Supporter
Member#: 9401
Join Date: Aug 2001
Chapter/Region:
NESIC
Location: Bis dat, qui cito dat...
Vehicle:. Truth is a pathless land... |
It's a different time now. Russia would be cut-off from the people who pay them for the oil and they are no longer an autonomous Empire who could finance and profit from a war. Their is nothing to gain for them to move towards war...
|
09-17-2008, 11:39 AM | #24 |
Scooby Guru
Member#: 8891
Join Date: Aug 2001
Chapter/Region:
International
Location: Houston, TX
Vehicle:2002 WRX Silver '02 SV650 |
|
09-17-2008, 12:36 PM | #25 |
Scooby Specialist
Member#: 99359
Join Date: Oct 2005
Chapter/Region:
South East
Location: gdny
Vehicle:02 wagon blackish-blue |
Great Depression!!!!!!!!!!!!
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
The Deal of the Day: HKS Legamax Exhaust and Midpipe... | National Speed | Engine/Power/Exhaust | 2 | 11-17-2008 06:29 PM |
More Doom and Gloom | AVANTI R5 | Non-Subaru News & Rumors | 0 | 09-12-2008 02:53 PM |
A BIG player makes a $1.8+ Billion bet on Stock Market crash (30-50%) by Mid-Sept... | P03w | Off-Topic | 104 | 09-24-2007 12:24 PM |
Janq's OT Questions Of The Day: Dental Tech's, Receptionists and X-ray machines | Janq | Off-Topic | 14 | 09-13-2004 05:35 PM |
Impending stock market crash?? | Mr.Tickles | Political Playground - Chaotic Neutral Edition | 20 | 06-04-2004 01:28 PM |