European stock markets fell on the 15th lowest point in 2003, or 2.1 percent. Britain's FTSE 100 index fell 2.4 percent to 5171.9 points. France's CAC-40 index fell 1.5 percent to 4080.8 points. Germany's DAX index fell 1.9 percent to 6081.7 points.
Analysts here said that although the U.S. government strongly save the premises of the United States and Fannie two giant mortgage loans, but investors in the global mortgage market and financial institutions, mortgage financing remains a pessimistic attitude. Moreover, Fed Chairman Ben Bernanke's speech on that day is this pessimism has deepened.
Netherlands - Belgian financial services group Fortis joint venture sharp fall 12.8 percent to 8.3 euros, the group that is currently before the Dutch financial markets regulator's investigation.
Dutch financial markets regulator AFM Dutch confirmed that the Fortis Group size is under investigation for 8.3 billion euros in payment plans. Fortis Group shares accumulated over the past year dropped by 55.4 percent.
Bank shares and mining stocks fell on the 15th which hit the London stock market, Britain's FTSE 100 index fell 2.4 percent to 5171.9 points.
Britain's National Bureau of Statistics announced on the 15th, the British CPI in June rose to a record high of 3.8 percent. This figure far exceeds the Bank of England's 2 percent target level, to that end, the Bank of England rate cut further the possibility of almost zero, but the rate hikes are likely.
Bank shares fell. Royal Bank of Scotland fell 7.06 percent. Halifax Bank fell 4.41 percent, other banks such as Barclays Bank, Lloyds Trust Savings Bank, HSBC and Standard Chartered Bank, the decline in more than 3%.
Energy stocks fell, Shell and BP were down 2.8 percent and 2.74 percent, the British company Cairn Energy, British Gas and British oil companies also Talao each fell more than 3%.
Telecom stocks fell, British Telecom fell 4.8 percent.
2008-07-21
Tokyo stocks down technology stocks and trade stocks,
Japan's stock market Nikkei Index fell 0.7 percent Friday, fell for the sixth straight week. U.S. companies such as Google announced the disappointing performance, Kyocera and other high-tech stocks fell.
Mitsubishi things such as trade stocks fell as oil prices fell for three days to over 15 U.S. dollars.
JP Morgan Chase reported better-than-expected earnings, incentives rose in early, but after taking gains for the United States announced after the close of Google, Microsoft and Merrill Lynch earnings than analysts have expected.
Later today there will be more earnings the United States, including Citigroup's performance in this long holiday weekend before the Lagao the market cautious atmosphere.
"Meiguzhongcuo will be a big risk, especially the Nasdaq, while the high-tech stocks higher degree of reliance on the Japanese stock market is particularly susceptible to the impact of the Nasdaq trend." Shinko Securities senior technical analyst Yutaka Miura said.
"The market has reflected the U.S. financial industry will announce results of the bleak subject matter, but no one expected that the performance of the IT industry does not look good. Tension between the strong market today."
Nikkei Index was down 84.25 points at 12803.70, down 1.8 percent the week.
The broader TOPIX index was down 0.9 percent to 1,252.43.
"Medium and long term, although U.S. authorities have always stressed that Fannie Mae will support the mortgage and the United States, but ineffective, people are worried." Mitsubishi UJF Securities analyst Seiichi Miura said.
Mitsubishi things such as trade stocks fell as oil prices fell for three days to over 15 U.S. dollars.
JP Morgan Chase reported better-than-expected earnings, incentives rose in early, but after taking gains for the United States announced after the close of Google, Microsoft and Merrill Lynch earnings than analysts have expected.
Later today there will be more earnings the United States, including Citigroup's performance in this long holiday weekend before the Lagao the market cautious atmosphere.
"Meiguzhongcuo will be a big risk, especially the Nasdaq, while the high-tech stocks higher degree of reliance on the Japanese stock market is particularly susceptible to the impact of the Nasdaq trend." Shinko Securities senior technical analyst Yutaka Miura said.
"The market has reflected the U.S. financial industry will announce results of the bleak subject matter, but no one expected that the performance of the IT industry does not look good. Tension between the strong market today."
Nikkei Index was down 84.25 points at 12803.70, down 1.8 percent the week.
The broader TOPIX index was down 0.9 percent to 1,252.43.
"Medium and long term, although U.S. authorities have always stressed that Fannie Mae will support the mortgage and the United States, but ineffective, people are worried." Mitsubishi UJF Securities analyst Seiichi Miura said.
European stock markets closed up 3.2 percent, banking stocks led gains
European stock markets sharply Friday, Citigroup Inc. (CN) announced better than expected performance of local banking stocks led gains.
The pan-European blue chips The FTSEurofirst 300 index closed up 1.56 percent to 1164.19 points.
This week, the index rose about 3.2 percent, but this year is still down about 23 percent.
The largest U.S. banks - Citigroup announced quarterly loss 2.5 billion U.S. dollars, less than expected, pushed up DJStoxx European bank index rose 4.9 percent.
UBS (UBSN.VX) jumped 7.6 percent, Royal Bank of Scotland (RBS.L) soaring 9.6 percent.
In addition to banking stocks, pharmaceutical stocks have good performance, the former Teva Pharmaceutical Industries (TEVA.O) announced a 42 percent premium, or 7.5 billion U.S. dollars acquisition of drugmaker Barr (BRL.N).
Stada (STAGn.DE) or 2.5 percent, Roche (ROG.VX) rose 1.6%, Sanofi-Aventis (SASY.PA) rose 2.1 percent.
Because metal prices fell, mining stocks weighed on the market. Anglo American Group (AAL.L) or 1.1 percent, Rio Tinto (RIO.L) or 1.3 percent, BHP Billiton (BLT.L) fell 1.8 percent.
European markets, Britain's FTSE 100 index. FTSE rose 1.7 percent, to close at 5376.4 points; Germany's DAX index. GDAXI closed up 1.78 percent, at 6382.65, while the French CAC-40 index. FCHI freshened up 1.74 percent, at 4299.36 points .
The pan-European blue chips The FTSEurofirst 300 index closed up 1.56 percent to 1164.19 points.
This week, the index rose about 3.2 percent, but this year is still down about 23 percent.
The largest U.S. banks - Citigroup announced quarterly loss 2.5 billion U.S. dollars, less than expected, pushed up DJStoxx European bank index rose 4.9 percent.
UBS (UBSN.VX) jumped 7.6 percent, Royal Bank of Scotland (RBS.L) soaring 9.6 percent.
In addition to banking stocks, pharmaceutical stocks have good performance, the former Teva Pharmaceutical Industries (TEVA.O) announced a 42 percent premium, or 7.5 billion U.S. dollars acquisition of drugmaker Barr (BRL.N).
Stada (STAGn.DE) or 2.5 percent, Roche (ROG.VX) rose 1.6%, Sanofi-Aventis (SASY.PA) rose 2.1 percent.
Because metal prices fell, mining stocks weighed on the market. Anglo American Group (AAL.L) or 1.1 percent, Rio Tinto (RIO.L) or 1.3 percent, BHP Billiton (BLT.L) fell 1.8 percent.
European markets, Britain's FTSE 100 index. FTSE rose 1.7 percent, to close at 5376.4 points; Germany's DAX index. GDAXI closed up 1.78 percent, at 6382.65, while the French CAC-40 index. FCHI freshened up 1.74 percent, at 4299.36 points .
U.S. "two-room" in the end the depth of the crisis »
We think that a year ago when the outbreak of the U.S. secondary mortgage crisis has gradually get relief, the two major U.S. mortgage finance institutions - the Federal National Mortgage Association (Fannie Mae) and the United States Federal residential mortgage loans (the And the United States) but the outbreak of the debt crisis. The results not only decline in U.S. stocks, European stocks also went down violence, including the A-share stock market in Asia, also not spared. Into the global market and a new round of unrest, or even call this a "crisis of the loan-to-the fourth wave."
Bernanke: U.S. economy has significant downside risk
When the two major mortgage institutions in trouble after the U.S. Federal Reserve Chairman Ben Bernanke to the U.S. economic outlook pessimistic forecast, thoroughly break the loan-to-people crisis has gradually subsided forecast.
"Economic growth prospects for significant downside risk" and "facing the prospect of rising inflation increased risk", which is on the 15th Federal Reserve Chairman Ben Bernanke to the U.S. Senate Banking Committee the U.S. economy at the present situation of the latest judgement.
National Securities analyst Chen Wei said that the premises of the United States and Fannie Mae own or guarantee of 5.2 trillion U.S. dollars of mortgage loans, the U.S. mortgage market size nearly half of its fair value measure has been falling into the technical state of bankruptcy, the credit crisis that has been The proliferation of sub-loans from the overall rating to a higher loan. The loan-to-crisis has come to focus on the risk of exposure, can also be said of the loan-to-resolve the crisis in the most crucial moment. If not resolved, as many as 300 U.S. banks have closed down the danger, and even the famous endangered Lehman Brothers also transferred, in the past accumulation of the loan-to-risk of the outbreak of the total, direct exacerbate the precarious plight of the U.S. property market, the United States as a whole Economic growth and the stability of global financial markets have disastrous consequences.
Therefore, the U.S. Government is unlikely to laissez-faire premises of the United States and Fannie closure of the two institutions, through various means to save. If the Fed said in a statement on the 13th, if necessary, the Fed will be two non-bank financial institutions, opening up "discount" window, that is treated as commercial banks, the discount rate by 2.25 percent to provide direct loans to Solve the problem of financing difficulties. These loans secured by the U.S. government; U.S. Treasury Secretary Paulson said that if necessary, the Ministry of Finance may purchase the shares of the two institutions; U.S. Securities and Exchange Commission (SEC) on Tuesday, Washington time issue emergency orders, the main large financial companies "Naked short selling" conduct restrictions. New emergency measures will apply to include Fannie Mae, the premises of the United States, 19 financial institutions. July 16, on the 17th day, the two companies shares rose more than 60 percent.
While many rescue programme, but because of the multi-stakeholder process to solve the game, it is estimated that a strong policy introduced to short-term, such as the injection of the Ministry of Finance on the need congressional approval, but also to some famous people this will damage the interests of American taxpayers to Opposing views.
Paulson: confident that Congress will approve the rescue plan next week
July 16, U.S. Treasury Secretary Henry Paulson on his attempt to rescue Fannie and premises of the United States their support and said he was confident that Congress will approve the plan next week.
Paulson said: "I will soon be on this project through to be optimistic."
Paulson on July 13 asked Congress to approve a three-part composition of the contents of the plan, the Ministry of Finance to allow Fannie and improve the premises of the U.S. line of credit, if necessary, the two companies to buy the stock and allow the Fed to play Monitor their capital requirements of the "advisory role" to enable these two markets resume the concessionaire's confidence. Fannie and premises owned or security of the United States and more than half of U.S. mortgages.
Overall, although the crisis reflected by the grim situation, but taking into account the U.S. government has recently taken a series of measures to stimulate economic growth, the International Monetary Fund believes that the crisis is unlikely to overall deterioration. Some analysts have pointed out that if the U.S. government followed the proper measure, the U.S. economy through a difficult period this year, next year will be the turn for the better, while the U.S. financial markets will also slow recovery.
Bernanke: U.S. economy has significant downside risk
When the two major mortgage institutions in trouble after the U.S. Federal Reserve Chairman Ben Bernanke to the U.S. economic outlook pessimistic forecast, thoroughly break the loan-to-people crisis has gradually subsided forecast.
"Economic growth prospects for significant downside risk" and "facing the prospect of rising inflation increased risk", which is on the 15th Federal Reserve Chairman Ben Bernanke to the U.S. Senate Banking Committee the U.S. economy at the present situation of the latest judgement.
National Securities analyst Chen Wei said that the premises of the United States and Fannie Mae own or guarantee of 5.2 trillion U.S. dollars of mortgage loans, the U.S. mortgage market size nearly half of its fair value measure has been falling into the technical state of bankruptcy, the credit crisis that has been The proliferation of sub-loans from the overall rating to a higher loan. The loan-to-crisis has come to focus on the risk of exposure, can also be said of the loan-to-resolve the crisis in the most crucial moment. If not resolved, as many as 300 U.S. banks have closed down the danger, and even the famous endangered Lehman Brothers also transferred, in the past accumulation of the loan-to-risk of the outbreak of the total, direct exacerbate the precarious plight of the U.S. property market, the United States as a whole Economic growth and the stability of global financial markets have disastrous consequences.
Therefore, the U.S. Government is unlikely to laissez-faire premises of the United States and Fannie closure of the two institutions, through various means to save. If the Fed said in a statement on the 13th, if necessary, the Fed will be two non-bank financial institutions, opening up "discount" window, that is treated as commercial banks, the discount rate by 2.25 percent to provide direct loans to Solve the problem of financing difficulties. These loans secured by the U.S. government; U.S. Treasury Secretary Paulson said that if necessary, the Ministry of Finance may purchase the shares of the two institutions; U.S. Securities and Exchange Commission (SEC) on Tuesday, Washington time issue emergency orders, the main large financial companies "Naked short selling" conduct restrictions. New emergency measures will apply to include Fannie Mae, the premises of the United States, 19 financial institutions. July 16, on the 17th day, the two companies shares rose more than 60 percent.
While many rescue programme, but because of the multi-stakeholder process to solve the game, it is estimated that a strong policy introduced to short-term, such as the injection of the Ministry of Finance on the need congressional approval, but also to some famous people this will damage the interests of American taxpayers to Opposing views.
Paulson: confident that Congress will approve the rescue plan next week
July 16, U.S. Treasury Secretary Henry Paulson on his attempt to rescue Fannie and premises of the United States their support and said he was confident that Congress will approve the plan next week.
Paulson said: "I will soon be on this project through to be optimistic."
Paulson on July 13 asked Congress to approve a three-part composition of the contents of the plan, the Ministry of Finance to allow Fannie and improve the premises of the U.S. line of credit, if necessary, the two companies to buy the stock and allow the Fed to play Monitor their capital requirements of the "advisory role" to enable these two markets resume the concessionaire's confidence. Fannie and premises owned or security of the United States and more than half of U.S. mortgages.
Overall, although the crisis reflected by the grim situation, but taking into account the U.S. government has recently taken a series of measures to stimulate economic growth, the International Monetary Fund believes that the crisis is unlikely to overall deterioration. Some analysts have pointed out that if the U.S. government followed the proper measure, the U.S. economy through a difficult period this year, next year will be the turn for the better, while the U.S. financial markets will also slow recovery.
Fu was Mao You! China's rich list of enterprises
Graphic: TOP1
China Petrochemical: in 2007 the world's top 500 ranking 17
The main industry: oil refining
2007 turnover at: 131.636 billion U.S. dollars
Profile:
China Petroleum and Chemical Corporation (hereinafter referred to as "Sinopec") is a middle and lower reaches of the integration, oil, petrochemical main highlight, with a more complete sales network, inside and outside the listed joint-stock enterprises. Is China's largest integrated energy and chemical company, mainly engaged in oil and gas exploration and development, exploitation, pipeline transport and sale of oil refining, petrochemical, chemical fibers, chemical fertilizers and other chemical production and product sales, storage and transport, petroleum, Natural gas, petroleum products, petrochemical and other chemical products and other goods, technology import and export, import and export business agent; technology, information research, development and application.
Sinopec is China's largest petroleum products (including gasoline, diesel, aviation kerosene, etc.) and major petrochemical products (including synthetic resin, synthetic fiber monomers and polymers, synthetic fibers, synthetic rubber, fertilizers, and intermediate petrochemical products) producers and Suppliers, is also China's second largest crude oil producer.
Graphic: TOP2
China's petroleum and natural gas: in 2007 the world's top 500 ranking 24
The main industry: oil refining
2007 turnover at: 110.52 billion U.S. dollars
Profile:
China National Petroleum Corporation (China Petroleum Group) is a set of oil and gas and oil equipment manufacturing an integrated energy company. Xue Lan »0-largest oil company was ranked No. 7.
China Petroleum Group for the community to provide a day more than 2.19 million barrels of crude oil and 2.8 billion cubic feet of natural gas, processing 1.8 million barrels of crude oil. In 2006, China Petroleum Group to expand oil and gas investment operations in 26 countries worldwide.
Graphic: TOP3
National Grid: in 2007 the world's top 500 ranking 29
The main industry: power
2007 turnover at: 107.185 billion U.S. dollars
Profile:
State Grid Corporation was established in December 29, 2002, to build power grid operator for the core business, to bear the economic and social development and provide strong protection of the basic mission of electricity. Regional operating companies covering 26 provinces, autonomous regions and municipalities, covering a land area of more than 88%, direct services, 145 million, power supply more than 1 billion population, management staff 1.504 million people, nearly 290,000 retired people.
In 2006 the company sold 1.71 trillion kwh of electricity, the main business income of 852.9 billion yuan, with total assets of 1.2141 trillion yuan, assets and liabilities of 60.43 percent. 2005 income from principal operations ranked "Fortune" magazine in 2006 the global top 500 enterprises section 32.
Graphic: TOP4
China Southern Power Grid: in 2007 the world's top 500 ranking 237
The main industry: power
2007 turnover at: 27.966 billion U.S. dollars
Profile:
China Southern Power Grid Co., Ltd. in the December 29, 2002 was set up and start formal operation. The operating range of Guangdong, Guangxi, Yunnan, Guizhou and Hainan, in charge of investment, construction and management Southern Power Grid. Xia Zhu's Southern Power Grid Company covering five provinces and autonomous regions, covering 1 million square kilometers, the total population of 230 million power supply; 2005 GDP total 3.2748 trillion yuan, the maximum electricity consumption load society as a whole 69.6 million kilowatts, the whole society consumption 434700000000 Kilowatt-hour.
At present the company's assets total 277.9 billion yuan, the total number of employees 166,000 people. 2005, the company among the global top 500 enterprises, listed 316; ranking in 2006 increased by 50, 266 out.
Graphic: TOP5
COFCO: in 2007 the world's top 500 ranking 405
The main industry: trade
2007 turnover at: 17.953 billion U.S. dollars
Profile:
COFCO Limited is China's largest Cereals, Oils and Foodstuffs Import and Export Company and the strength of food production, food grain and oil market of international standing in public life and are closely related to agricultural trade, the development of biomass energy, food production and processing, real estate, property, Hotel management, and financial services, and other fields made outstanding achievements.
Since 1994, COFCO has been ranked the "Fortune" Global 500 enterprises. COFCO has more than 50 years of experience in international trade, China's food grain and oil markets with the international market among the most important bridges, wheat, corn, rice, sugar and other staple agricultural imports and exports as the main channel.
Graphic: TOP6
China Minmetals Group: 2007 the world's top 500 ranking 435
The main industry: trade
2007 turnover at: 16.902 billion U.S. dollars
Profile:
China Minmetals Corporation, established in 1950, on the condition ⒖ Peng sudden Pan-chi to the satisfaction of passers-by Cynoglossus Biyi quail glaze »real estate, freight, tender, project contracting and investment operations, Implementation of transnational operations of large enterprise groups. China Minmetals Corporation has globalized marketing network in the country 20 provinces, autonomous regions, has a 168 wholly-owned or joint ventures, holding shares and 14 domestic listed companies, holding Hong Kong "Minmetals resources" and "building Minmetals" Two red chips listed company, the world's major countries and regions with 44 overseas companies.
1992, the State Council, China Minmetals Corporation was identified as the first batch of 55 pilot enterprise groups and seven state-owned asset management units authorized one. In 1999, China Minmetals Corporation are included in the central management of the 44 key state enterprises. 2006, the company operating the total amount of 18.9 billion U.S. dollars in China's largest 500 companies listed in ranked No. 13. In the United States "Fortune" magazine published in 2007 the world's top 500 enterprises, China Minmetals No. 435.
Graphic: TOP7
China National Offshore Oil Corporation: 2007 the world's top 500 ranking 469
The main industry: oil refining
2007 turnover at: 16.038 billion U.S. dollars
Profile:
China National Offshore Oil Corporation is China's largest oil company one of the country, responsible for foreign cooperation in offshore China oil and gas exploitation of marine resources, is China's largest offshore oil and gas producers. Founded in 1982, the registered capital of 94.9 billion yuan, is headquartered in Beijing, the existing employees 44,000 people.
2006 full year, the company achieved sales of 132.4 billion yuan, total profit, 49 billion yuan and turned over to the oil taxes and fees and retained a total of 32.1 billion yuan and total assets reached 250.7 billion yuan, 137.1 billion yuan of net assets. In 2006 ranking of the central enterprises, the China Sea oil profits total ranked four, with total assets ranked 11, the cost of margins ranked two. Corporation and affiliated companies was again granted the Standard & Poor's and Moody's A-and A2-level credit ratings, continue to maintain domestic enterprises, the highest rating.
Graphic: TOP8
China Ocean Shipping Corporation: 2007 the world's top 500 ranking 488
The main industry: Shipping
2007 turnover at: 15.413 billion U.S. dollars
Profile:
China Ocean Shipping (Group) Corporation, the predecessor, was established in April 27, 1961 of the China Ocean Shipping Company. February 16, 1993 to set up the China Ocean Shipping (Group) Corporation as its core business of the China Ocean Shipping Group. After several generations of COSCO people over 40 years of arduous pioneering, rely on the wisdom, diligence and good faith, with glory and dream, the COSCO Group has been established at the beginning of the four ships, 22,600 dwt single-shipping company, has developed into today And operates more than 600 modern merchant shipping fleet »more than 500 million dwt, in cargo volume over 300 million tons of integrated multinational groups.
As a shipping and logistics industry as the core of the main global Enterprise Group, COSCO in the world have Jinqian Jia member units, eight more than 10,000 employees. In mainland China, COSCO Group located in Guangzhou, Shanghai, Tianjin, Qingdao, Dalian, Xiamen, Hong Kong and other places, a wholly-owned shipping company management of containers, bulk, special transportation and oil tankers and other types of ocean shipping fleet; overseas, Japan, Korea, Singapore, North America, Europe, Australia, South Africa and West Asia region for radiation-8 percent, to shipping routes as a link, forming the world's major regions across the transnational network. Those with "COSCO" eye-catching signs of ships and containers in the world more than 160 countries and regions over 1300 ports from the shuttle.
Source: in the on-line
The Rock: A bear market share has been a policy change in the stock market trend has been die hard
From the tight monetary policy and stock market
Consumer Price Index dropped for two consecutive months, from the tight monetary policy should change his course of the keynote «If the current tight monetary policy to change the tone, whether the stock market will rebound» the beginning I have thought about this, but the deteriorating situation in inflation And the bear market is a foregone conclusion, the tight monetary policy to change the tone is unwise, but also has been unable to change the trend of the stock market.
Expansion from the perspective of inflation, CPI drop is the result of price control policy. PPI because of the persistent rise in May rose 8.2 percent in June rose 8.8 percent, the CPI over the same period from 7.7 percent to 7.1 percent decline can only show that the policies of the loss of business has expanded, the weakening of market forces, price control once the liberalized, retaliatory Increases the risk of rebound. At this point further tightening of monetary policy change the tone, not only is not a market-oriented, but will indulge economic control. In addition, because of natural disasters, but also because of the intensity of government intervention in the economy improved, coupled with the local government after the general impulse investment, fiscal policy has become a matter of fact from the steady expansion of two major policy-control tools have become a combination of expansionary fiscal and The combination of monetary tightening. At this time if the tone of monetary policy by tightening into a relaxed, the macro-control of the "combination of boxing" from the anti-inflation policy into a policy to encourage inflation.
From the stock market point of view, the bear market sentiment dominated the market, people will pay more attention to fundamentals of the situation, neglect of funds, the negative wealth effect to stimulate the market passion, and the tightening of monetary policy is relaxed or no avail. Bear market, investors are disheartened, has invested the money in the stock market would like to wait for opportunities fled, capital of relaxed even find it difficult to strengthen investment in the stock market motives. A-share market over the recent decline in the Vietnamese stock market, ranking the highest in the world. Is this what causes the «cool-headed analysis, in the past have supported the bull market still exist many factors, such as economic growth, demographic bonus, invisible assets and currency appreciation, asset revaluation, and so on. What factors have changed? «I speak only of the three major reversal: First, from a net inflow of capital flows into the net outflow and the second is from the emotional state of passion surging into disheartened, and the third is from the continuous improvement of company performance into sharp Deteriorate.
In the bull market sentiment dominated the market, financial and emotional interaction between the investors are often ignored or forgotten the fundamentals of concern, even after the opportunity Zhuihuimoji. Since then Tongdingsitong, started the trend of particular concern fundamentals, but not the rabbit does not spread eagles, must be seen to be moving Zhenjinbaiyin Fanxin. So in a bear market, bears to the trend of cattle from the fundamentals are always changing trends in the aptitudes good start. To this round of the bull market started as an example, in 2005 the stock market fell below 1,000 points to a rising, it is the performance of the stock market fundamentals improved significantly beginning. After the great bull market in the dynamic process, the listed company's fundamentals continue to improve. The company's growth of the stock market expected to improve the financing capacity, corporate finance increased capacity of the management team inspired the passion, and the company's growth in turn support the optimistic expectations of investors. Financial and emotional interaction into a performance and emotional interaction. From this wave of the bull market for starting to analyze the stock market to a "bear to bull": improving the fundamentals first, then capital of improvement, emotional side climaxed repeatedly. Therefore, the growth performance of listed companies bottomed pick-up is the key, if there is no rebound performance of the company, even if the tight monetary policy to the tone relaxed enough to back days, because the monetary policy adjustment for the stock market, usually only fire Shangjiao oil, it can not timely help.
Judging from the current market situation, the non-banking listed companies is accelerating the deterioration of the fundamentals, banking stocks performance Dumu difficult to hold, especially in all walks of life talking about "turning point" and "rescue", the bank shares Jiang Li Ban Nianbao the figures behind the brewing sales fell and the accumulation of risks. Perhaps the stock market has reflected the pessimism ahead of expectations, perhaps the performance of bank shares to digest the growing risk of bad debts, but after all, only "maybe", need to see the 23-quarter financial report to determine. Looking investors, domestic and international economic instability, policy of the complex and volatile, sales fell fundamentals, investors are increasingly cautious trading volume shrinking significantly. So I said: observing the shocks bottomed within six months, two years after the return to double income; throwing a long line interpretation of Balao legend, Ruoshi in awaiting the opportunity to reproduce.
Loose monetary policy will help boost the stock market, but in terms of price control policies after the start, this opportunity has disappeared. Why is it «for three reasons: First, the bull market in the second half price control was" suspended ", the original injected into the SAC and the total assets listed in the plan in many enterprises after the implementation of price controls by the sudden loss into profit, which As the team entries were found using drugs, lost their team. The results, the second half suddenly halt the bull market, bear market the first half Perak Secondly, price control policy through stock market losses deprived of the profits and changed the company's performance expectations for sustainable growth, the formation of the overall performance of the stock market from the growth surge Dropped into, this is cattle to the fundamentals of the reasons for Bear Thirdly, the price control policy of "temporary", not only to enlarge the stock market uncertainty and economic entities increased by the uncertainty. Economics, not the decision-making under uncertainty, particularly concerned about the external factors of uncertainty, because the external uncertainties as natural disasters and war, with unpredictable and uncontrollable nature, it is psychological on the market A greater deterrent effect.
The stock market is a market economic system the most sensitive nerve, so any non-market policy will have very violent reaction, when such extreme reactions be ignored, the late "to save the market," it will be difficult to re-ignite have disappeared The passion.
Consumer Price Index dropped for two consecutive months, from the tight monetary policy should change his course of the keynote «If the current tight monetary policy to change the tone, whether the stock market will rebound» the beginning I have thought about this, but the deteriorating situation in inflation And the bear market is a foregone conclusion, the tight monetary policy to change the tone is unwise, but also has been unable to change the trend of the stock market.
Expansion from the perspective of inflation, CPI drop is the result of price control policy. PPI because of the persistent rise in May rose 8.2 percent in June rose 8.8 percent, the CPI over the same period from 7.7 percent to 7.1 percent decline can only show that the policies of the loss of business has expanded, the weakening of market forces, price control once the liberalized, retaliatory Increases the risk of rebound. At this point further tightening of monetary policy change the tone, not only is not a market-oriented, but will indulge economic control. In addition, because of natural disasters, but also because of the intensity of government intervention in the economy improved, coupled with the local government after the general impulse investment, fiscal policy has become a matter of fact from the steady expansion of two major policy-control tools have become a combination of expansionary fiscal and The combination of monetary tightening. At this time if the tone of monetary policy by tightening into a relaxed, the macro-control of the "combination of boxing" from the anti-inflation policy into a policy to encourage inflation.
From the stock market point of view, the bear market sentiment dominated the market, people will pay more attention to fundamentals of the situation, neglect of funds, the negative wealth effect to stimulate the market passion, and the tightening of monetary policy is relaxed or no avail. Bear market, investors are disheartened, has invested the money in the stock market would like to wait for opportunities fled, capital of relaxed even find it difficult to strengthen investment in the stock market motives. A-share market over the recent decline in the Vietnamese stock market, ranking the highest in the world. Is this what causes the «cool-headed analysis, in the past have supported the bull market still exist many factors, such as economic growth, demographic bonus, invisible assets and currency appreciation, asset revaluation, and so on. What factors have changed? «I speak only of the three major reversal: First, from a net inflow of capital flows into the net outflow and the second is from the emotional state of passion surging into disheartened, and the third is from the continuous improvement of company performance into sharp Deteriorate.
In the bull market sentiment dominated the market, financial and emotional interaction between the investors are often ignored or forgotten the fundamentals of concern, even after the opportunity Zhuihuimoji. Since then Tongdingsitong, started the trend of particular concern fundamentals, but not the rabbit does not spread eagles, must be seen to be moving Zhenjinbaiyin Fanxin. So in a bear market, bears to the trend of cattle from the fundamentals are always changing trends in the aptitudes good start. To this round of the bull market started as an example, in 2005 the stock market fell below 1,000 points to a rising, it is the performance of the stock market fundamentals improved significantly beginning. After the great bull market in the dynamic process, the listed company's fundamentals continue to improve. The company's growth of the stock market expected to improve the financing capacity, corporate finance increased capacity of the management team inspired the passion, and the company's growth in turn support the optimistic expectations of investors. Financial and emotional interaction into a performance and emotional interaction. From this wave of the bull market for starting to analyze the stock market to a "bear to bull": improving the fundamentals first, then capital of improvement, emotional side climaxed repeatedly. Therefore, the growth performance of listed companies bottomed pick-up is the key, if there is no rebound performance of the company, even if the tight monetary policy to the tone relaxed enough to back days, because the monetary policy adjustment for the stock market, usually only fire Shangjiao oil, it can not timely help.
Judging from the current market situation, the non-banking listed companies is accelerating the deterioration of the fundamentals, banking stocks performance Dumu difficult to hold, especially in all walks of life talking about "turning point" and "rescue", the bank shares Jiang Li Ban Nianbao the figures behind the brewing sales fell and the accumulation of risks. Perhaps the stock market has reflected the pessimism ahead of expectations, perhaps the performance of bank shares to digest the growing risk of bad debts, but after all, only "maybe", need to see the 23-quarter financial report to determine. Looking investors, domestic and international economic instability, policy of the complex and volatile, sales fell fundamentals, investors are increasingly cautious trading volume shrinking significantly. So I said: observing the shocks bottomed within six months, two years after the return to double income; throwing a long line interpretation of Balao legend, Ruoshi in awaiting the opportunity to reproduce.
Loose monetary policy will help boost the stock market, but in terms of price control policies after the start, this opportunity has disappeared. Why is it «for three reasons: First, the bull market in the second half price control was" suspended ", the original injected into the SAC and the total assets listed in the plan in many enterprises after the implementation of price controls by the sudden loss into profit, which As the team entries were found using drugs, lost their team. The results, the second half suddenly halt the bull market, bear market the first half Perak Secondly, price control policy through stock market losses deprived of the profits and changed the company's performance expectations for sustainable growth, the formation of the overall performance of the stock market from the growth surge Dropped into, this is cattle to the fundamentals of the reasons for Bear Thirdly, the price control policy of "temporary", not only to enlarge the stock market uncertainty and economic entities increased by the uncertainty. Economics, not the decision-making under uncertainty, particularly concerned about the external factors of uncertainty, because the external uncertainties as natural disasters and war, with unpredictable and uncontrollable nature, it is psychological on the market A greater deterrent effect.
The stock market is a market economic system the most sensitive nerve, so any non-market policy will have very violent reaction, when such extreme reactions be ignored, the late "to save the market," it will be difficult to re-ignite have disappeared The passion.
32 brokerage firms only two super-net profit of more than 4 billion yuan CITIC Securities 4700000000
The Beijing News
Learned from CITIC Securities, the broker first half net profit of 4.769 billion yuan, an increase of 13.33 percent. So far, a total of 32 brokerage firms disclosed Ban Nianbao, CITIC Securities is the best performance of the first half of the broker.
At the same time, Guotai Junan, Guangdong Development Securities, Shenyin Wanguo, Huatai Securities, Everbright Securities and other large brokerage firms, in the inter-bank market yesterday announced the interim results. Among them, Guotai Junan first half net profit of 4.646 billion, China Merchants Securities, Shenyin Wanguo, a securities-Huatai Securities and net profit of 1 billion yuan more than in all, Everbright Securities for 930 million yuan of net profit.
It is worth noting that the impact of the stock market downturn, large brokerage firms also can not escape the changes in fair value of the loss. Center Daily News, Guangdong Development Securities, China Merchants Securities, Shenyin Wanguo Securities and Huatai changes in fair value of the loss was 1.987 billion yuan, 1.215 billion yuan, 1.087 billion yuan and 967 million yuan.
It is understood that the first half of this year, self-broker business will offset the loss of income brokerage business, the business is self-drag performance of the important reasons for brokerage firms.
Learned from CITIC Securities, the broker first half net profit of 4.769 billion yuan, an increase of 13.33 percent. So far, a total of 32 brokerage firms disclosed Ban Nianbao, CITIC Securities is the best performance of the first half of the broker.
At the same time, Guotai Junan, Guangdong Development Securities, Shenyin Wanguo, Huatai Securities, Everbright Securities and other large brokerage firms, in the inter-bank market yesterday announced the interim results. Among them, Guotai Junan first half net profit of 4.646 billion, China Merchants Securities, Shenyin Wanguo, a securities-Huatai Securities and net profit of 1 billion yuan more than in all, Everbright Securities for 930 million yuan of net profit.
It is worth noting that the impact of the stock market downturn, large brokerage firms also can not escape the changes in fair value of the loss. Center Daily News, Guangdong Development Securities, China Merchants Securities, Shenyin Wanguo Securities and Huatai changes in fair value of the loss was 1.987 billion yuan, 1.215 billion yuan, 1.087 billion yuan and 967 million yuan.
It is understood that the first half of this year, self-broker business will offset the loss of income brokerage business, the business is self-drag performance of the important reasons for brokerage firms.
Roundup: U.S. stocks mixed results mixed
U.S. stocks mixed Friday. Citigroup's second-quarter because of lower-than-expected losses, the Dow rose slightly. However, since Google and Microsoft's earnings is disappointing, and the Nasdaq composite index fell.
Advanced Micro Devices (AMD) after the close of Friday appointed a new chief executive, the chip maker last quarter loss for the rise. The stock fell 12.3 percent, to market pressure.
U.S. strategist at Cantor Fitzgerald Mark - Padoa (Marc Pado) said that "today there is obviously some profit-taking selling, and Microsoft, AMD and Google's earnings reports also dealt a blow to technology stocks. The financial sector, Merrill Lynch's loss than expected, but Citigroup's loss smaller than expected. We know that not all roses. "
The Dow Jones industrial average was up 49.91 points to close at 11496.57 points, or 0.44 percent. Within the week up 3.6 percent.
Within the 30 constituent stocks in a total of 19 shares rose.
Citigroup (C) rose 7.7 percent, the company last quarter loss per share of 54 cents a share, while analysts, on average, expected a loss of 62 cents a share.
Citigroup is not too bad performance boost the dollar slightly higher, tracking U.S. dollar against a basket of currencies the dollar exchange rate from Friday's 72.048 index rose to 72.17.
Action Economics analysts said, "At present, the most prudent approach is to sell the stock before the weekend to lock in profits, and the short-covering bonds. Although no one think that the Fed or the Ministry of Finance will take action over the weekend, but in the past There are two weekend four months the Government announced a rescue plan, investors have to prevent. "
The bond market fell.
Software giant Microsoft (MSFT) Tuesday after the close of its second-quarter profit rose by double-digit, but because of Microsoft's current-quarter earnings forecast was disappointing. Microsoft fell 6.6 percent.
The Standard & Poor's 500 index rose 0.36 points to close at 1260.68 points, or 0.03 percent. For the week were up 1.7 percent. The Standard & Poor's 10 major plates in the industrial segment rose 1.3 percent, energy plate rose 1.1 percent, financial stocks rose 0.9 percent.
Schlumberger Corp. (SLB) rose by 3.9 percent, the Houston-based energy company's second quarter net profit increased by 13 percent.
Get bulk of consumer goods dropped by 0.8 percent, luxury consumer goods segment fell 0.4 percent, information technology segment fell 0.3 percent.
The Nasdaq composite index fell 29.52 points to close at 2282.78 points, or 1.28 percent.
Big Board volume was 5.694 billion shares traded on the Nasdaq to 2.288 billion shares. New York Stock Exchange by 17 to 15 lead on the Nasdaq, the Nasdaq stock market rose to 13 than 15 behind the Nasdaq.
The New York Mercantile Exchange crude oil futures fourth consecutive trading day down, the main force for the week decreased by 11%. August crude oil futures contract fell 41 cents to close at 128.88 U.S. dollars a barrel, a decrease of 0.3 percent.
The dollar rose on the New York Mercantile Exchange, gold futures fell more than 1%. August gold contract fell 12.7 cents, to 958 U.S. dollars an ounce.
Active stocks
Honeywell International Inc. (HON) fell 0.4 percent, the aerospace manufacturer said second-quarter profits due to an increase of nearly 20 percent, has raised its full-year earnings per share targets. However, the company said global air traffic disturbing the slow growth prospects.
Fannie Mae (FRE) rose 10.2 percent. According to "The Wall Street Journal" reported that the company is considering the issue of new shares to obtain 10 billion U.S. dollars financing.
Merrill Lynch (MER) report after the close of Friday reduction of more mortgage-related assets, second-quarter net loss of 4.65 billion U.S. dollars. The stock rose 0.6 percent.
Internet search engine Google (GOOG) earnings have been disappointing. Excluding special items, the company's second-quarter earnings per share 4.63 U.S. dollars. Analysts surveyed by Thomson Reuters on average expected earnings per share 4.74 U.S. dollars.
Mattel Inc. (MAT) rose 13.0 percent. The toy maker said profit last quarter reduced by half, but the results still better than Wall Street's expectations. The Hot Wheels, American Girl and Fisher-Price toy sales growth.
The stock market in Asia, markets mixed, with Tokyo's Nikkei 225 Index for low-income.
European stock markets have rebounded, London's FTSE 100 index rose 1.7 percent to close at 5376.4 points.
Advanced Micro Devices (AMD) after the close of Friday appointed a new chief executive, the chip maker last quarter loss for the rise. The stock fell 12.3 percent, to market pressure.
U.S. strategist at Cantor Fitzgerald Mark - Padoa (Marc Pado) said that "today there is obviously some profit-taking selling, and Microsoft, AMD and Google's earnings reports also dealt a blow to technology stocks. The financial sector, Merrill Lynch's loss than expected, but Citigroup's loss smaller than expected. We know that not all roses. "
The Dow Jones industrial average was up 49.91 points to close at 11496.57 points, or 0.44 percent. Within the week up 3.6 percent.
Within the 30 constituent stocks in a total of 19 shares rose.
Citigroup (C) rose 7.7 percent, the company last quarter loss per share of 54 cents a share, while analysts, on average, expected a loss of 62 cents a share.
Citigroup is not too bad performance boost the dollar slightly higher, tracking U.S. dollar against a basket of currencies the dollar exchange rate from Friday's 72.048 index rose to 72.17.
Action Economics analysts said, "At present, the most prudent approach is to sell the stock before the weekend to lock in profits, and the short-covering bonds. Although no one think that the Fed or the Ministry of Finance will take action over the weekend, but in the past There are two weekend four months the Government announced a rescue plan, investors have to prevent. "
The bond market fell.
Software giant Microsoft (MSFT) Tuesday after the close of its second-quarter profit rose by double-digit, but because of Microsoft's current-quarter earnings forecast was disappointing. Microsoft fell 6.6 percent.
The Standard & Poor's 500 index rose 0.36 points to close at 1260.68 points, or 0.03 percent. For the week were up 1.7 percent. The Standard & Poor's 10 major plates in the industrial segment rose 1.3 percent, energy plate rose 1.1 percent, financial stocks rose 0.9 percent.
Schlumberger Corp. (SLB) rose by 3.9 percent, the Houston-based energy company's second quarter net profit increased by 13 percent.
Get bulk of consumer goods dropped by 0.8 percent, luxury consumer goods segment fell 0.4 percent, information technology segment fell 0.3 percent.
The Nasdaq composite index fell 29.52 points to close at 2282.78 points, or 1.28 percent.
Big Board volume was 5.694 billion shares traded on the Nasdaq to 2.288 billion shares. New York Stock Exchange by 17 to 15 lead on the Nasdaq, the Nasdaq stock market rose to 13 than 15 behind the Nasdaq.
The New York Mercantile Exchange crude oil futures fourth consecutive trading day down, the main force for the week decreased by 11%. August crude oil futures contract fell 41 cents to close at 128.88 U.S. dollars a barrel, a decrease of 0.3 percent.
The dollar rose on the New York Mercantile Exchange, gold futures fell more than 1%. August gold contract fell 12.7 cents, to 958 U.S. dollars an ounce.
Active stocks
Honeywell International Inc. (HON) fell 0.4 percent, the aerospace manufacturer said second-quarter profits due to an increase of nearly 20 percent, has raised its full-year earnings per share targets. However, the company said global air traffic disturbing the slow growth prospects.
Fannie Mae (FRE) rose 10.2 percent. According to "The Wall Street Journal" reported that the company is considering the issue of new shares to obtain 10 billion U.S. dollars financing.
Merrill Lynch (MER) report after the close of Friday reduction of more mortgage-related assets, second-quarter net loss of 4.65 billion U.S. dollars. The stock rose 0.6 percent.
Internet search engine Google (GOOG) earnings have been disappointing. Excluding special items, the company's second-quarter earnings per share 4.63 U.S. dollars. Analysts surveyed by Thomson Reuters on average expected earnings per share 4.74 U.S. dollars.
Mattel Inc. (MAT) rose 13.0 percent. The toy maker said profit last quarter reduced by half, but the results still better than Wall Street's expectations. The Hot Wheels, American Girl and Fisher-Price toy sales growth.
The stock market in Asia, markets mixed, with Tokyo's Nikkei 225 Index for low-income.
European stock markets have rebounded, London's FTSE 100 index rose 1.7 percent to close at 5376.4 points.
Latin American countries the rate of inflation surge
The international market of crude oil and grain prices rose to promote, Latin American countries of the first half of this year inflation rate rose sharply in many countries the level of inflation has exceeded the targets, inflation is becoming the Latin American economy is facing a major challenge.
Venezuela is the first half of this year the Latin American countries with the highest rate of inflation, the inflation rate reached 15.1 percent, food prices rose by imbalance between supply and demand and the impact of the country's inflation rate this year is expected to exceed 30 percent, much higher than the 19 percent target.
Followed by Nicaragua, due to soaring food and energy prices, the dual pressure of the first half of the inflation rate reached 11.76 percent, the annual inflation rate is expected to exceed last year's 16.88 percent, reaching 20 percent for the last 10 years since the The highest annual inflation rate.
Ranked third and fourth of Bolivia and the Dominican Republic, the first half of the inflation rate reached 8.85 percent and 7.57 percent. Central American countries for almost all rely on oil imports, domestic price levels by a greater impact on the international market. In addition to Nicaragua, Guatemala, Honduras, Costa Rica and El Salvador the first half of the inflation rate reached 7.5 4%, 6.8%, 6.55% and 5.94%. Latin American countries in the relatively high price increases are Ecuador and Colombia, the first half of the inflation rate was 7.09% and 6.2%. According to official statistics, this year, 1-6 month, Colombia's potatoes and rice prices were up 52.42 percent and 34.48 percent.
As imports increase in fuel prices, Uruguay and Paraguay's domestic inflation has been climbing, the first half of the inflation rate rose to 5.44 percent and 5.4 percent. Compared with other Latin American countries, Chile and Peru, the rate of inflation generally low, but inflation since the two countries this year also on the rise. Chile in June of this year's inflation rate reached 1.5 percent, a recent 17-month inflation since the highest level, the first half of the inflation rate of 4.3 percent, with the expected 4.9 percent annual goal difference of only 0.6 percentage points. The first half of Peru's inflation rate reached 3.51 percent, much higher than the 2 percent target.
The first economic power in Latin America this year, Brazil's inflation situation is not optimistic. The Government of Brazil this year's inflation target of 4.5 percent, but the first half of this year's inflation rate has reached 3.64 percent, the Brazilian economic circles who think the country this year, the inflation rate will reach 6.48 percent. Another major Latin American countries of Argentina's inflation rate seems to be still under the control of the first half of the year inflation rate of 4.6 percent, from 7.5% to 8% of annual targets some distance. The second economic power in Latin America this year, Mexico's inflation rate was the lowest in Latin America, the first half of the inflation rate 2.03 percent, the annual targets of 3%.
In addition, the International Monetary Fund recently released "World Economic Outlook" update report noted that the organization raised the Latin American economic growth is expected this year, while warning that inflation remains the Latin American economy is currently facing the biggest challenge.
The report pointed out that although the world financial market shocks and inflation plagued the first quarter of this year in Latin America better-than-expected economic performance this year, the Latin American economic growth is expected to reach 4.5 percent, than the forecast in April increased by 0.1 percentage points.
The report pointed out that Mexico's economic growth rate this year is expected to reach 2.4 percent increase over the previous forecast of 0.4 percentage points. As adjusted to take timely measures such as bank interest rates, effective control of inflation, Brazil's sound economic performance, economic growth this year is expected to reach 4.9 percent. (-)
Venezuela is the first half of this year the Latin American countries with the highest rate of inflation, the inflation rate reached 15.1 percent, food prices rose by imbalance between supply and demand and the impact of the country's inflation rate this year is expected to exceed 30 percent, much higher than the 19 percent target.
Followed by Nicaragua, due to soaring food and energy prices, the dual pressure of the first half of the inflation rate reached 11.76 percent, the annual inflation rate is expected to exceed last year's 16.88 percent, reaching 20 percent for the last 10 years since the The highest annual inflation rate.
Ranked third and fourth of Bolivia and the Dominican Republic, the first half of the inflation rate reached 8.85 percent and 7.57 percent. Central American countries for almost all rely on oil imports, domestic price levels by a greater impact on the international market. In addition to Nicaragua, Guatemala, Honduras, Costa Rica and El Salvador the first half of the inflation rate reached 7.5 4%, 6.8%, 6.55% and 5.94%. Latin American countries in the relatively high price increases are Ecuador and Colombia, the first half of the inflation rate was 7.09% and 6.2%. According to official statistics, this year, 1-6 month, Colombia's potatoes and rice prices were up 52.42 percent and 34.48 percent.
As imports increase in fuel prices, Uruguay and Paraguay's domestic inflation has been climbing, the first half of the inflation rate rose to 5.44 percent and 5.4 percent. Compared with other Latin American countries, Chile and Peru, the rate of inflation generally low, but inflation since the two countries this year also on the rise. Chile in June of this year's inflation rate reached 1.5 percent, a recent 17-month inflation since the highest level, the first half of the inflation rate of 4.3 percent, with the expected 4.9 percent annual goal difference of only 0.6 percentage points. The first half of Peru's inflation rate reached 3.51 percent, much higher than the 2 percent target.
The first economic power in Latin America this year, Brazil's inflation situation is not optimistic. The Government of Brazil this year's inflation target of 4.5 percent, but the first half of this year's inflation rate has reached 3.64 percent, the Brazilian economic circles who think the country this year, the inflation rate will reach 6.48 percent. Another major Latin American countries of Argentina's inflation rate seems to be still under the control of the first half of the year inflation rate of 4.6 percent, from 7.5% to 8% of annual targets some distance. The second economic power in Latin America this year, Mexico's inflation rate was the lowest in Latin America, the first half of the inflation rate 2.03 percent, the annual targets of 3%.
In addition, the International Monetary Fund recently released "World Economic Outlook" update report noted that the organization raised the Latin American economic growth is expected this year, while warning that inflation remains the Latin American economy is currently facing the biggest challenge.
The report pointed out that although the world financial market shocks and inflation plagued the first quarter of this year in Latin America better-than-expected economic performance this year, the Latin American economic growth is expected to reach 4.5 percent, than the forecast in April increased by 0.1 percentage points.
The report pointed out that Mexico's economic growth rate this year is expected to reach 2.4 percent increase over the previous forecast of 0.4 percentage points. As adjusted to take timely measures such as bank interest rates, effective control of inflation, Brazil's sound economic performance, economic growth this year is expected to reach 4.9 percent. (-)
Citigroup: US-British house prices fell to two years
British Broadcasting Corporation quoted local time on the 19th chairman of the U.S. Citigroup-Bischof said, the United Kingdom and the United States this year and next year is likely to housing prices continued to decline.
Bischof said he expects the housing market need to achieve stability for two years, the credit crunch could last to 2009, and next year will be a very difficult year.
Citigroup is the world's largest financial services company. U.S. secondary mortgage crisis, and other factors, by the end of June at the end of this year's second quarter, Citigroup loss of 2.5 billion U.S. dollars, the third consecutive quarterly loss, accumulated losses were as high as 17 billion U.S. dollars. Bischof said that Citigroup will eliminate redundant.
According to the U.S. house prices reflects an important indicator of the trend of the S & P / Schiller Price Index, in April the United States this year 20 major cities in house prices fell by 15.3 percent from a year earlier, or a record. June, the U.S. buyers because of inability to lose their housing loan redemption rights cases soared over the same period last 53 percent. This year the United States lost the right to housing case redemption is expected to reach 2500000, far higher than last year's 1.5 million. (-)
Bischof said he expects the housing market need to achieve stability for two years, the credit crunch could last to 2009, and next year will be a very difficult year.
Citigroup is the world's largest financial services company. U.S. secondary mortgage crisis, and other factors, by the end of June at the end of this year's second quarter, Citigroup loss of 2.5 billion U.S. dollars, the third consecutive quarterly loss, accumulated losses were as high as 17 billion U.S. dollars. Bischof said that Citigroup will eliminate redundant.
According to the U.S. house prices reflects an important indicator of the trend of the S & P / Schiller Price Index, in April the United States this year 20 major cities in house prices fell by 15.3 percent from a year earlier, or a record. June, the U.S. buyers because of inability to lose their housing loan redemption rights cases soared over the same period last 53 percent. This year the United States lost the right to housing case redemption is expected to reach 2500000, far higher than last year's 1.5 million. (-)
The world economy: the United States was kidnapped or tied up to accompany the initiative »
Observers on the cards
Troubled world economic stability and development in the financial, energy and food, and so are the three major crises and the United States can not stem from the Department. The United States has swollen to allow countries in the world for its financial accounts pay for Black, frequently carry诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, lies with the U.S. hegemony Under the initiative to abandon the logic of the economic policy of independence.
Cap-your ⊙
"The two" crisis of the loan-to-the United States will be even more serious crisis dragged into the second half, a bad account of the United States on the one hand claiming to restore stability in financial markets as a top priority, on the other hand continue to ask other countries to buy more room Loan-to-bonds, to pay for the irresponsible economic policy. It seems that the world economy really thorough abducted by the United States. In the so-called one with all prospering or declining as one of the logic of economic globalization under the arrangement, various countries (mainly foreign exchange reserves of more economies) still have to dance with the United States, the United States at risk will be shifted to other countries once again successfully assessed the economic cost .
Not only that, the troubled world economic stability and development of the three major crises - the financial, energy and food, in fact, with the United States can not stem from the Department. The unprecedented economic earthquake, despite the loss to the United States credibility and is likely to waver in the world economic system in the position, but the actual loss is the largest, including China, the vast majority of developing countries. It is hard to say whether the United States intends to detonate the crisis, but by the crisis has undoubtedly contributed to the re-distribution of global wealth, while nearly a trillion dollars the U.S. Securities and China is clearly not the winner.
The United States has let other countries for its financial accounts pay for Black, is to eat all of the prospective payment system's dependence on U.S. dollars. As we all know, because the use of excessive force, the United States alone fortune in the world financial order after years, have had to be a small part of the economy to give his country the right to speak, and with the rise of the euro, China, Russia and India and other emerging economies, the strength of jumped up and because of Health and the discourse of the demands of the international financial situation seems to be breeding a new round of reshuffle. However, due to short-term dollar crisis and the outbreak of lack of time constraints of the system and mechanism, so no country dared to discard easily dollars, the Federal Reserve continues to serve as the world's central banks. Or even, the dollar can be no gold behind the support of the United States to issue bonds do not need the support of domestic savings. Thus, in this "Mint tax privileges" within the framework of the United States can kidnap the economies of countries without having to bear the number of consequences, while other countries are the United States must bear the cost of economic fluctuations. To some extent, the loan-to-high oil prices and the crisis with the existing U.S. dollar payment system, as well as the economic policy of the U.S. arrogant and closely related.
Bush administration came to power after the war to the United States to ease the pressure on the economy, has adopted a series of tax cuts, cuts in interest rates and other measures to boost the economy in the U.S. budget and trade deficits in the long-term high at the same time, as well as the loan-to - Crisis buried hint. In such circumstances, the United States on the one hand a large number of external debt, the risk of their own development will be transferred to Japan, China and other creditor countries on the other hand, wantonly domestic credit expansion, the local community will be tremendous risk of various types of secondary mortgage loan package for the CDO sold to the banks of other countries, will advance the real estate bubble and the financial risk onto the release. The crisis erupted after the loan-to-time, the Fed in order to prevent economic recession, and save the U.S. financial system, to take a very loose monetary policy, injected a lot of liquidity. This intentional in order to the depreciation of the dollar is cyclical risks of external radiation, in the global context of the loan-to-cost-sharing. The recent oil also rose to the dollar as the central payment system risk of an expression. From dollar-denominated oil prices, depreciation of the dollar caused by rising oil prices naturally. In other oil-consuming countries suffering by the high oil prices, the United States can be produced through oil-for-dollar. Although oil-exporting countries and earned a big one, but these "oil dollars" to the same flows into U.S. financial markets for maintaining and increasing the value, and in a sense for the U.S. trade deficit and financial pay. On the other hand, the service industry in the U.S. economy in the proportion of large, and the energy consumption of a considerable part of the manufacturing sector has shifted to other countries, high oil prices again, it will not constitute a substantive impact on the U.S. economy.
Kidnapping of national economies of the United States next move might be: in the United States call for countries to take strong dollar situation, "decisive" in appreciation for the results of the world inflation eased, but again denied his country in disguise. Its path arrangements are: a continued depreciation of the dollar makes emerging economies difficult to control high inflation, coupled with the loan-to-the spread of the crisis, the emerging economies of the asset bubble burst more and more opportunities, it was forced to take a hard landing, resulting in Significantly shrinking demand, money out of commodity markets, the dollar strengthened homeopathy, the return of funds the United States, the United States in strengthening the stability of financial institutions at the same time, emerging economies has led to a substantial decline in foreign exchange reserves, stock market prices substantially diminished, the stock market. As the world's highest oil and gold reserves in the United States, may choose to sell at a high level of oil and gold, return dollars to continue clearing the world economy.
It should be acknowledged that in the beginning of the establishment of the Bretton Woods system, the U.S. dollar and gold is linked to the United States to shoulder the maintenance of stability in the world economy the role of a responsible big country, but when the system collapsed, delinked from the dollar and gold, the world economy at the beginning of imbalance , The States should be working to rebuild the international financial order, and balance training can affect the dollar International Monetary the best time. But the major European economic power and economic growth in Japan have missed this opportunity. By the 1980s, when Japan's economy of scale to achieve the two-thirds of the United States, the United States began to say "no" when Japan is extremely inflated asset prices indulge in the surface of prosperity, and eventually the United States a piece of paper "Square Agreement "easily laid bare the asset bubble, has started to enter the lost decade, the total dollar loss of the balance of opportunities. Since then, the European Mondale in the theory of optimum currency areas under the guidance of the currency to accelerate the integration process and the turn of the century has been widely introduced high hopes for the euro. But Gehuai thinking of the European continent in fact played a role in dragging down the euro and the pound and the United States has refused to Zhaoan by launching the war in Kosovo against the euro confidence in the euro and performance far short of expectations. Despite the strength of the euro currency in the share of global foreign exchange reserves from the 1999 birth of just 1.81 per cent to the current nearly 30 percent. However, the "strong euro" is not actually reflect the euro zone economic fundamentals, but intends to depreciation of the dollar by-products. Which include Japan, China and India, the economic power do not fully prepared to accept the euro.
It can be said that the United States today, has swollen to allow countries in the world for their own financial accounts pay for Black, has frequently carried诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, More independent economic policy is to abandon the countries in a sense tied to accompany the initiative.
(The author of the management of the East Shanghai International Studies University, deputy director of Research Center)
Troubled world economic stability and development in the financial, energy and food, and so are the three major crises and the United States can not stem from the Department. The United States has swollen to allow countries in the world for its financial accounts pay for Black, frequently carry诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, lies with the U.S. hegemony Under the initiative to abandon the logic of the economic policy of independence.
Cap-your ⊙
"The two" crisis of the loan-to-the United States will be even more serious crisis dragged into the second half, a bad account of the United States on the one hand claiming to restore stability in financial markets as a top priority, on the other hand continue to ask other countries to buy more room Loan-to-bonds, to pay for the irresponsible economic policy. It seems that the world economy really thorough abducted by the United States. In the so-called one with all prospering or declining as one of the logic of economic globalization under the arrangement, various countries (mainly foreign exchange reserves of more economies) still have to dance with the United States, the United States at risk will be shifted to other countries once again successfully assessed the economic cost .
Not only that, the troubled world economic stability and development of the three major crises - the financial, energy and food, in fact, with the United States can not stem from the Department. The unprecedented economic earthquake, despite the loss to the United States credibility and is likely to waver in the world economic system in the position, but the actual loss is the largest, including China, the vast majority of developing countries. It is hard to say whether the United States intends to detonate the crisis, but by the crisis has undoubtedly contributed to the re-distribution of global wealth, while nearly a trillion dollars the U.S. Securities and China is clearly not the winner.
The United States has let other countries for its financial accounts pay for Black, is to eat all of the prospective payment system's dependence on U.S. dollars. As we all know, because the use of excessive force, the United States alone fortune in the world financial order after years, have had to be a small part of the economy to give his country the right to speak, and with the rise of the euro, China, Russia and India and other emerging economies, the strength of jumped up and because of Health and the discourse of the demands of the international financial situation seems to be breeding a new round of reshuffle. However, due to short-term dollar crisis and the outbreak of lack of time constraints of the system and mechanism, so no country dared to discard easily dollars, the Federal Reserve continues to serve as the world's central banks. Or even, the dollar can be no gold behind the support of the United States to issue bonds do not need the support of domestic savings. Thus, in this "Mint tax privileges" within the framework of the United States can kidnap the economies of countries without having to bear the number of consequences, while other countries are the United States must bear the cost of economic fluctuations. To some extent, the loan-to-high oil prices and the crisis with the existing U.S. dollar payment system, as well as the economic policy of the U.S. arrogant and closely related.
Bush administration came to power after the war to the United States to ease the pressure on the economy, has adopted a series of tax cuts, cuts in interest rates and other measures to boost the economy in the U.S. budget and trade deficits in the long-term high at the same time, as well as the loan-to - Crisis buried hint. In such circumstances, the United States on the one hand a large number of external debt, the risk of their own development will be transferred to Japan, China and other creditor countries on the other hand, wantonly domestic credit expansion, the local community will be tremendous risk of various types of secondary mortgage loan package for the CDO sold to the banks of other countries, will advance the real estate bubble and the financial risk onto the release. The crisis erupted after the loan-to-time, the Fed in order to prevent economic recession, and save the U.S. financial system, to take a very loose monetary policy, injected a lot of liquidity. This intentional in order to the depreciation of the dollar is cyclical risks of external radiation, in the global context of the loan-to-cost-sharing. The recent oil also rose to the dollar as the central payment system risk of an expression. From dollar-denominated oil prices, depreciation of the dollar caused by rising oil prices naturally. In other oil-consuming countries suffering by the high oil prices, the United States can be produced through oil-for-dollar. Although oil-exporting countries and earned a big one, but these "oil dollars" to the same flows into U.S. financial markets for maintaining and increasing the value, and in a sense for the U.S. trade deficit and financial pay. On the other hand, the service industry in the U.S. economy in the proportion of large, and the energy consumption of a considerable part of the manufacturing sector has shifted to other countries, high oil prices again, it will not constitute a substantive impact on the U.S. economy.
Kidnapping of national economies of the United States next move might be: in the United States call for countries to take strong dollar situation, "decisive" in appreciation for the results of the world inflation eased, but again denied his country in disguise. Its path arrangements are: a continued depreciation of the dollar makes emerging economies difficult to control high inflation, coupled with the loan-to-the spread of the crisis, the emerging economies of the asset bubble burst more and more opportunities, it was forced to take a hard landing, resulting in Significantly shrinking demand, money out of commodity markets, the dollar strengthened homeopathy, the return of funds the United States, the United States in strengthening the stability of financial institutions at the same time, emerging economies has led to a substantial decline in foreign exchange reserves, stock market prices substantially diminished, the stock market. As the world's highest oil and gold reserves in the United States, may choose to sell at a high level of oil and gold, return dollars to continue clearing the world economy.
It should be acknowledged that in the beginning of the establishment of the Bretton Woods system, the U.S. dollar and gold is linked to the United States to shoulder the maintenance of stability in the world economy the role of a responsible big country, but when the system collapsed, delinked from the dollar and gold, the world economy at the beginning of imbalance , The States should be working to rebuild the international financial order, and balance training can affect the dollar International Monetary the best time. But the major European economic power and economic growth in Japan have missed this opportunity. By the 1980s, when Japan's economy of scale to achieve the two-thirds of the United States, the United States began to say "no" when Japan is extremely inflated asset prices indulge in the surface of prosperity, and eventually the United States a piece of paper "Square Agreement "easily laid bare the asset bubble, has started to enter the lost decade, the total dollar loss of the balance of opportunities. Since then, the European Mondale in the theory of optimum currency areas under the guidance of the currency to accelerate the integration process and the turn of the century has been widely introduced high hopes for the euro. But Gehuai thinking of the European continent in fact played a role in dragging down the euro and the pound and the United States has refused to Zhaoan by launching the war in Kosovo against the euro confidence in the euro and performance far short of expectations. Despite the strength of the euro currency in the share of global foreign exchange reserves from the 1999 birth of just 1.81 per cent to the current nearly 30 percent. However, the "strong euro" is not actually reflect the euro zone economic fundamentals, but intends to depreciation of the dollar by-products. Which include Japan, China and India, the economic power do not fully prepared to accept the euro.
It can be said that the United States today, has swollen to allow countries in the world for their own financial accounts pay for Black, has frequently carried诸侯dollars to make, both because of the lack of a world built on institutionalized and sustained on the basis of communication and coordination mechanism, More independent economic policy is to abandon the countries in a sense tied to accompany the initiative.
(The author of the management of the East Shanghai International Studies University, deputy director of Research Center)
Beijing Olympic Music Awards selected "Jasmine" standard-bearer from the three armed forces guard of honor award
Olympic exhibition award ceremony held yesterday. At the meeting, a presentation ceremony at the Olympic Games standard process and display the ceremony rituals and costumes. In the presentation ceremony, Jasmine used as background music.
According to the Beijing Olympic Organizing Committee, minister of cultural activities Zhao Dongming, the Beijing Olympic Games award ceremony dress was recently released, the etiquette presentation also have been identified, there will be 337 etiquette, 194 standard-bearer and 95 make-up artists in this together Awards ceremony at the Olympic lineup.
Among them, Beijing's ceremonial staff from 16 higher vocational institutions, the Great Hall of the People, the Diaoyutai State Guesthouse, the Chinese team model Designers Association and the Shanghai University. Beijing Olympic standard-bearer in the 194, 140 people from the three armed forces honor guard, while another 54 security guards from Tsinghua University team the national flag, they will be Olympic, to protect the national flag. (Source: Modern Express)
According to the Beijing Olympic Organizing Committee, minister of cultural activities Zhao Dongming, the Beijing Olympic Games award ceremony dress was recently released, the etiquette presentation also have been identified, there will be 337 etiquette, 194 standard-bearer and 95 make-up artists in this together Awards ceremony at the Olympic lineup.
Among them, Beijing's ceremonial staff from 16 higher vocational institutions, the Great Hall of the People, the Diaoyutai State Guesthouse, the Chinese team model Designers Association and the Shanghai University. Beijing Olympic standard-bearer in the 194, 140 people from the three armed forces honor guard, while another 54 security guards from Tsinghua University team the national flag, they will be Olympic, to protect the national flag. (Source: Modern Express)
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