Scrutineer - Heading for an official bear market
Published Date:
30 June 2008
By Bill Jamieson
ON WALL Street last week, the Dow Jones index slumped into an "official" bear market, with the fall from the 2007 peak now 20 per cent. The June fall of 10 per cent is the worst since the Great Depression year of 1930. Here, the FTSE 100 has slumped 700 points in six weeks, taking the fall this year to 14.8 per cent. Its heavy bias towards oil and natural-resource stocks disguises the full extent of the rout in UK-facing companies.
Shares in the housebuilding and banking sectors have collapsed. Household-name builders are being given emergency bail-outs while bank shares have slumped 60 per cent and more. Rights issues are struggling.
UBS economist George Magnus likens deve...
The full article contains 919 words and appears in The Scotsman newspaper.
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Last Updated:
29 June 2008 8:32 PM
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Source:
The Scotsman
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Location:
Edinburgh
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Related Topics:
Scrutineer
