G20 ‘vital’ to easing global market turmoil

Well what a turbulent week it has been. On Friday the All Ords fell through 4000 points for the first time to close at 3939.5 down -8.93% for the day. The All Ords peaked on the 1st of November 2007 with a high of 6853.6 and today’s close is now 42.5% lower than the all time high.

Looking to the states, the Dow Jones Industrial Index peaked on the 9th October 2007 closing at 14164.53 points. Last night it closed at 8451.18 making the fall 40.3% from the peak.

The Aussie has been as low as 66.44 cents.

The world will now be looking for guidance from the Group of 20 meeting converging on Washington to discuss solutions to this crisis.

Citibank managing director of economics, Stephen Halmarick, says the moves made so far by international authorities will not be sufficient to avert a global recession.

“Investors will be looking to the weekend G20 meeting, which our Treasurer’s attending, to reinforce that it’s going to be a global response to this global crisis and looking for some stabilisation there,” he said.

» G20 ‘vital’ to easing global market turmoil – The ABC, 10th October 2008.