| Our view: U.S. retains clout in global markets - for now
Amidst all the panic and uncertainty on trading floors from Tokyo to London this week came the reassuring news that the American consumer is still king in the world market.
As concerns heightened about a 2008 recession here, one school of thought held that the dampening effect of such a development would be more than offset on foreign exchanges by the continued robust growth in places like China and India. Wrong!
As one economist noted yesterday, when the U.S. sneezes, the world still catches a cold. And the mere thought of Americans cutting back on their purchases due to worry about their jobs, the value of their homes and the cost of gasoline was enough to send those foreign stock markets into a two-day tailspin.
Of course, confirmation that they are still held in high esteem by investors overseas comes as cold comfort to the average American.
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From East to West, panic grips the world’s investors
After the carnage on global markets on Black Monday, Japan and Australia were the first powerhouse economies to see the dawn of Tuesday morning. While American markets had taken Monday off for Martin Luther King Day, the panic gripping global markets had continued to wreak havoc.
Yesterday, as US traders slept, the bloody trading began anew on the other side of the world. By midnight GMT Australia’s markets had been open an hour. Investors’ rush for the door crashed the website of the country’s leading online share broker, CommSec, as the market started an immediate downward spiral. The stock market’s fall of nearly 3 per cent on Monday looked timid as it raced towards its biggest one-day slide in 20 years. Hans Kunnen, the head of investment markets research for Colonial First State, said: "Judging by the mood of the market today, the bears are certainly winning."
However, what the Asian markets did not know, as they started their downward spiral, was that in America the members of the Federal Reserve were calling each other.
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Mohamed teddy bear teacher, Gillian Gibbons, is spared lash but gets ...
Press were banned from the courtroom, and three film crews were detained for filming street scenes outside the court. In court, the judge, Mohammed Youssef, listened to two accounts, one from the school secretary, Sarah Khawad, who filed the first complaint about the teddy bear’s name, and one from the official who has been investigating the case, court sources said. An accountant from Unity High School was also among the four prosecution witnesses. It was dark by the time the defence had its chance. The judge allowed defence lawyers to present evidence from two of their four witnesses. Colleagues maintained that Ms Gibbons had meant no offence. They said her class of six and seven-year-olds had voted on the name, which was shared by one of their most popular members.
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