Børskursene har nå i flere dager falt som en stein, mot de dybder de
nådde allerede dagen før 11.9 2001 (mandag d. 10.9, og ikke som
historieforfalskerne påstår, etter d. 11.).
Fra Independent:
Panic grips markets as shares crash
By Philip Thornton and Andrew Grice
04 July 2002
Market Report: Amey leads shares downwards as accounting gloom deepens
Panic gripped stock markets across Europe and America yesterday after
fears of renewed terrorist attacks and further corporate scandals sent
share prices crashing.
More than £37bn was wiped off the London stock market and the FTSE 100
index crashed to its lowest closing level since before Tony Blair came
to power five years ago.
The index of blue-chip shares tumbled 154 points or 3.3 per cent to a
five-year low of 4,392, amid warnings the market could slump further.
The fall means investors have lost all the gains they had made since
Labour won power in May 1997 when the FTSE closed at 4,445. Only last
month, Tony Blair told MPs the market was "massively up on where it was
five years ago". The Conservatives seized on the fall as evidence the
Government's economic policy was not working. Michael Howard, the shadow
Chancellor, said: "There are many reasons why the stock market has
fallen but it is also clear that there are serious imbalances in the
British economy." He said the Government had imposed £6bn of extra taxes
and £6bn of red tape on business and 4,600 new regulations.
The market has now lost more than a third of its value since it peaked
just short of 7,000 on New Year's Eve 1999. The crash has wiped out more
than half a trillion pounds of wealth of institutional and private
investors. The next barrier would be the intra-day low of 4,220 in the
immediate aftermath of 11 September. "If we go through the September
lows it could be a bottomless pit," Des Flood at Hibernian Investment
Managers said.
Chris Chaitow, at the stockbroker Collins Stewart, warned that the FTSE
could be trapped between 3,000 and 5,000 for "many years to come". "This
looks like a bear market of the sort you only get every 20, 30 or 40
years," he said.
But economists said the markets had given signs the world had embarked
on recovery from its worst recession for 10 years. Richard Graham, head
of asset allocation at Barings Asset Management, said: "Our message to
clients is not to despair and they will find there are buying
opportunities out there."
The slump is expected to help persuade the Bank of England to keep
interest rates on hold when its Monetary Policy Committee meets today.
The falls will hit consumers' pockets and their confidence. The slump
will also deal a fresh blow to pension funds.
Stephen Lewis at Monument Derivatives in the City, said: "The fall in
equity prices has now gone so far, it is said to be undermining the
solvency of some long-term investing institutions. Potentially, this
constitutes a very serious threat to the economy."
Traders on Wall Street rushed to dump shares before today's Independence
Day holiday, amid fears that terrorists were planning to strike
again.The Dow Jones index plunged through the 9,000 level and stock
markets fell across Europe, taking the slump on an index of the
continent's 600 largest companies so far this year to €1trillion
(£650bn) of their market value.
The chief culprit was Vivendi, the French media giant at the centre of
allegations over its accounting practices. It plummeted almost 22 per
cent dragging the Paris bourse down 3 per cent. Frankfurt and Lisbon
markets were down 2 per cent and the Dutch bourse down 3.5 per cent.
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