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World Daily Markets Briefing
by: ADVFN Newsdesk
Forex
FOREX-Yen rockets broadly as peril aversion hits extremes
LONDON - The yen rocketed to multi-year highs versus the dollar and euro on Friday, as tumbling universal stock markets intensified imperil aversion, crystallising investor fears on the likelihood of a prolonged global
recession.
Staggering moves seen in the race towards the low-yielding Japanese unit, with euro/yen dropping 10 percent at one level, also kindled speculation over how central banks might moved.
This is because the yen's rally gathered speed, outstripping dominating dollar gains against a basket of currencies, even as Japan's prime cleric warned against the adverse impact of fiscal market fluctuations.
"We are seeing Draconian risk aversion. The thing to note in the FX market-place is that it's getting a bit disorderly -- this is becoming a ruin. The move in the yen will rattle policymakers in Japan," said S G currency strategist Phyllis Papadavid in London.
The euro strike down more than 10 percent against the yen to hit a low of 113.82 yen, on catch for its biggest monthly percentage wastage on record against the Japanese currency.
By 1020 GMT, the dollar was down almost 6 percent against the yen at 92.60 yen after hitting a 13-year low of 90.95, according to Reuters observations. Japanese Prime Minister Taro Aso warned against the adverse brunt of financial market fluctuations on the conciseness.
Data from the euro zone on Friday proved dark, with German manufacturing sector contracting in October at its fastest berate in over seven years. A flash think showed the Markit purchasing managers' directory (PMI) for the manufacturing sector fell to 43.3 from 47.4 in September.
First-class sank to a six-year low against the dollar, whi le the thrash also hit a record low against the euro as high-yielders level victim unwinding of highly leveraged positions. The palpitate instil was also hit after data showed the UK economy shrank by a bigger-than-expected 0.5 percent in the third caserne.
The sharp surges in the dollar and yen have raised concerns that economic authorities may act in currency markets to control in volatile moves. "If we were to continue to see the dollar substantiate, which may very well be the case, that could potentially be quite destabilising," said SG's Papadavid.
"I concoct at some stage in the near to medium relationship, were we to see the dollar continue to disconnect from mercantile fundamentals and overshoot, we could see some coordinated move to diminish the dollar against some of the majors but i don't think we're there yet."
The dollar first finger, a gauge of its value against a basket of six important c urrencies, was up 2.0 percent at 86.451 after hitting a two-year euphoric. To combat the currency rout in emerging markets, the Ecumenical Monetary Fund was hurrying to approve by betimes November a package that would let some "top-tier" emerging store economies exchange local currencies for dollars to quiet strains, officials familiar with the formula said.
US Stocks at a Glance
TOPWRAP 8-Mkts in tailspin, Barrier Street drops 5 pct
NEW YORK - Bulkhead Street joined a global precursor market rout on Friday that kicked off in Japan, led Russia to off on trading and sent oil and other commodities tumbling on fears of a Poseidon's kingdom worldwide recession.
U.S. stock indexes mow down 5 percent in early trade. Dirt that Britain's economy contracted in the third direction deepened fears of a worldwide dip, born of the worst financial emergency in 80 years. Foreign dealing markets saw extreme volatility with the yen rocketing to multiyear highs against the dollar and euro. The euro/yen at all events fell 10 percent at one point up.
Britain's economy shrank 0.5 percent in the third three months and euro zone figures showed the 15-polity currency bloc was already in recession, analysts said.
Begetter markets were i n freefall around the world as panicked investors moved to liquidate dangerous positions. Japan's Nikkei pointer ended down 9.6 percent and European shares dropped 8 percent. For more see.
The Dow Jones Industrial Normal lost 4.7 percent while the S&P 500 lean-to 4.7 percent and the Nasdaq plummeted 5.1 percent in at trade. Russia suspended trading on its breeding market until at least Tuesday after the market confused more than a tenth of its value on Friday, hitting its lowest levels since recently 2004.
"The global financial crisis has been constantly spreading and worsening, creating a despotic shock to global economic cultivation," Chinese Premier Wen Jiabao told an Asia-Europe Confluence of 27 EU member states and 16 Asian nations.
OPEC, converging in emergency session, agreed to cut oil create by 1.5 million barrels per day in an venture to halt the steep slide in the payment of oil. But the price of U.S. crude fell more than 5 percent to $64 as monetary gloom overshadowed the cut.
Commodities from copper to zinc, sugar and coffee were battered by chic selling -- bad news for emerging call economies that are major commodity producers and depend on exports for much of their proceeds. The price of U.S. government bonds rose sternly as investors switched out of stocks.
Bank of England Reserve Governor Charl es Bean said Britain's saving was still in the early days of weakness as a conclusion of possibly the worst financial calamity in history.
"This is a once in a lifetime crisis, and peradventure the largest financial crisis of its friendly in human history," Bean told the Scarborough Evening Rumour. A survey of companies showed the euro zone confidential sector economy on track for its worst execution since the recession of the early 1990s.
The October Markit Eurozone Classy Purchasing Managers' Indexes show services duty contracting at its fastest pace since after the Sept. 11, 2001 attacks. Works output was shrinking at the greatest assess in at least a decade.
"This is it, we are clearly into recession," said Gilles Moec, economist at Bank of America. A rove of corporate giants reeled too, not reasonable the banks that were hit first and hard est by a financial moment that began with a U.S. housing market diminish.
Sony's shares plunged to a 13-year low after it halved its profit prediction. French carmaker PSA Peugeot Citroen cut its full-year operating line target and said it planned to metamorphose "massive" production cuts in the fourth dwelling-place after posting a 5.2 percent drop in third quarter sales.
Air France-KLM also succumbed to the monetary crisis with a profit warning, sending shares in Europe's largest airline grouping down about 7 percent. U.S. bank PNC Financial Services Platoon Inc said it agreed to buy National Town Corp in a $5.6 billion minutes, in a deal that would save the ailing Cleveland-based bank.
Europe apportionment
Europe shares slide on warnings, compactness fears
LONDON - European shares slid 8.5 percent on Friday to replication a tailspin in Asian stocks, as figures suggesting Britain would enter a prolonged slump and torrent of woeful company results rattled jittery
investors.
At 0937 GMT the pan-European FTSEurofirst 300 guide was down 8.5 percent at 798.86 points, having hit its lowest since May 2003 at 796.94 points. Broad stocks tumbled to a new five-year low on Friday and insist for the relative safety of government bonds and low-flexible currencies soared. In Asia Japan's Nikkei slid 9.6 percent on fears over a deteriorating era economy as a financial crisis gathered abruptness accelerate.
Stricken banks led the decline, with HSBC down more than 10 percent, Santander off more than 9 percent and UBS shedding 7.4 percent. The European banks sector dropped 9.2 percent.
"It does repel you ... One hasn't been expecting this," Edward Menashy, an economist at Charles Stanley in London, said of the furnish's decline. "The fall in the Japanese customer base is incredible...The fear today is that the Japanese convey trade is starting to unwind."
Around Europe, Britain's FTSE 100 slid 6.1 percent, Germany's DAX dropped 7.4 percent and France's CAC confused 7.1 percent.
The British conservatism shrank more than expected and for the first time in 16 years in the third rooms of 2008, official data showed on Friday.
The figures will credible boost expectations that the Bank of England will cut interest rates by another 50 principle points next month as the economy looks like h eading into its first decline since the early 1990s.
"Markets have been steeling themselves for that ad for a considerable period ... (but) the economic downturn to come is going to be much steeper than anyone had anticipated," Menashy said of the British GDP figures.
Sterling tumbled to its lowest smooth against the dollar since 2003 following the details. Gloom abounded across the continent, with a review of companies showing the euro zone non-public sector economy in October took its biggest hit since capital union, and is on track for its worst execution since the recession of the early 1990s.
Volvo, the biggest faller in Europe, dropped more than 21 percent after reporting worse-than-expected third-quarter results.
The the public number two truck maker's top Mr Big said on Friday the North American call, which has been weak for almost two years, was likely to be there tough in 2009. Peugeot and Renault 14 percent and 18 percent, singly, after issuing profit warnings.
Oil shares also tanked as original prices fell below $66 a barrel, to new 16-month lows, pressured by low spirits across all markets about a global economic downturn that could reset the impact...
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