Stock markets rational?published at 20:43 British Summer Time 24 August 2015
BBC Business news reporter writes...
Summary
Wall Street recovery stalls
FTSE 100 closes down more than 4%
Shanghai sheds 8.5%, Hong Kong down 5.2%
London mining and oil stocks hammered
Stock markets rational?published at 20:43 British Summer Time 24 August 2015
'Do nothing'published at 15:51
Investors should expect more pain until central banks reveal their response to the market sell-off, says Fidelity Worldwide Investment's global chief investment officer Dominic Rossi.
Quote MessageThe best thing to do at the moment is to do nothing. The way to enter these treacherous markets is very, very gradually."
Bring out your dead?published at 15:13
Jeremy Cook, chief economist at World First, says the movements in the currency markets have been "awe-inspiring, laughable and downright silly":
Quote MessageChina sneezed a couple of weeks ago by devaluing the yuan and the effects of that are finally being felt in a day of massive panic across all asset classes... As for emerging markets and commodity currencies, the picture here reminds me of a scene in a film where a lone man with a barrow trundles down a road, rings a bell, and implores the people of the village to ‘bring out your dead’."
Dow droppublished at 15:02 British Summer Time 24 August 2015
Our New York business correspondent tweets:
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End of twitter postScary stuff...published at 14:20 British Summer Time 24 August 2015
The chief executive of Patronus Partners tweets:
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End of twitter postHow worried should you be?published at 13:50 British Summer Time 24 August 2015
Our personal finance corrrespondent tweets:
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End of twitter postNetflix set to open down 10%published at 13:33 British Summer Time 24 August 2015
It's going to be a messy day on Wall Street when it opens. Silicon Valley commentator Neil Cybart tweets:
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End of twitter postDuncan Weldon: 'This isn't 2008'published at 13:29 British Summer Time 24 August 2015
Duncan Weldon is the economics correspondent for BBC Newsnight. He tweets:
Black Monday?published at 11:52 British Summer Time 24 August 2015
BBC contributor and London Business School academic Linda Yueh tweets:
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End of twitter postOil revenues slidepublished at 11:32 British Summer Time 24 August 2015
Our South America business correspondent tweets:
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End of twitter postChinese government 'slow to react'published at 11:20
Our Asia business correspondent Karishma Vaswani comments on today's market falls in Asia and beyond:
Quote MessageEveryone wants to know what the Chinese government is going to do next to shore up shares and confidence in the economy. The smart money is on the central bank reducing interest rates and injecting a semblance of consumer confidence into the markets. That is what many had hoped would happen over the weekend. But at each point in what appears to be an ever-deepening Chinese slowdown, the government has seemed slow to react.
Image source, Getty ImagesHeadline of the daypublished at 10:57
Congrats to the Reuters hack who came up with this sub-head today:
GREAT FALL OF CHINA
Why China matterspublished at 10:39 British Summer Time 24 August 2015
Our business presenter tweets:
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End of twitter postInterest ratespublished at 10:25 British Summer Time 24 August 2015
Still on the subject of interest rates, our personal finance correspondent tweets:
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End of twitter postFed 'may take its time'published at 10:17
Richard Batley of Lombard Street Research says investors increasingly think that a rate rise by the US Federal Reserve this year would be a "policy mistake":
Quote MessageThere is a good economic rationale to expect the Fed to bide its time. Deflationary pressures in China are mounting more rapidly than even our below-consensus growth forecast implies, and Beijing seems more willing to export this deflation to the rest of the world.
Markets due a 'reality check'published at 09:37
Stock markets were overdue a "reality check", writes David Buik, market commentator at Panmure Gordon, in his market update:
Quote MessageMaybe China has been economical with the truth about its growth and future prospects. Maybe oil and commodities have fallen out of bed! Yes, emerging market currencies have been trashed against the dollar under a cloud of threatened higher interest rates being implemented in the US. It is also not unreasonable to surmise that stocks are fully valued. Also QE, which at the time of introduction in March 2009 was absolutely essential, is starting to wear off in places. So how could anyone possibly be surprised that there has been some profit taking from wholly unrealistic increases in the value of many shares?
Rate rise on ice?published at 09:13 British Summer Time 24 August 2015
Our personal finance correspondent tweets:
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End of twitter postFTSE 100published at 08:54 British Summer Time 24 August 2015
Our 5 live business presenter tweets:
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End of twitter postMonday's Business Livepublished at 08:09 British Summer Time 24 August 2015
Our business presenter tweets:
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End of twitter postWho's to blame?published at 07:49 British Summer Time 24 August 2015
Newsnight's economics correspondent tweets:
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End of twitter post