House price data for the UK market compiled by Nationwide shows in the 12 months to February, shows house prices fell 17.6%. This, the 16th consecutive contraction is now the biggest fall since Nationwide started to collect data in 1952. Meanwhile Standard and Poor’s have released the latest update to …
December saw a staggering 524,000 jobs shredded as the recession picks up pace in the US. December’s decline brings the year’s total loses to 2.6 million, the worst year since 1945 when World War II ended. The US unemployment rate now stands at 7.2%, the highest rate since 1993. » …
Back in October 2006 we first reported US new home prices were plunging at the fastest pace in 36 years. Two years later, prices are still continuing to fall with no recovery in sight. Last night it was reported new home sales fell 5.2% in October 2008 to an annual …
On Tuesday the US Federal Reserve surprised markets and slashed interest rates by 0.75% to a range between zero and 0.25%. One day later, the world’s 2nd largest economy saw rates get cut to 0.1% by the Bank of Japan. This now means the world’s largest two economies have interest …
The US National Bureau of Economic Research has released data confirming the USA is in recession. The peak of the cycle was a year ago in December 2007 and the US economy has been crumbling ever since. Confirmation the US is in recession saw the Dow Jones shed almost 7% …
China has received more evidence that its economic growth is slowing drastically. The growth in China’s industrial output slowed to 8.2 per cent in October, compared to 11.4 per cent a month earlier. » China facing rapid economic slowdown – Yahoo 7 Finance, 13th November 2008.
Only last week the IMF was quite conservative on this crisis. Today the head of the IMF, Dominique Strauss-Kahn is saying “Intensifying solvency concerns about a number of the largest US-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.” umm, on the …
THE G7 nations have vowed to take all necessary steps to unfreeze credit markets and ensure banks can raise money but have offered no collective course of action to avert a deep global recession. » G7 vows to fight credit crunch – The Australian, 11th October 2008.
It seems US debt is still spiraling out of control. The debt clock ran out of digits last month after US debt exceeded 10 trillion U.S. dollars. » US debt clock runs out of digits – The ABC, 10th October 2008.
The US Federal Reserve has led a global round of emergency interest rate cuts in an effort to contain the worst financial crisis since the 1930s. The Federal Reserve said it was cutting its key federal funds rate by 50 basis points to 1.5 per cent. » Central banks cut …
The United States House of Representatives has approved a revised $US700 billion Wall Street bailout, bowing to intense pressure to help avert a global economic meltdown. » US approves $US700b Wall St bailout deal – 4th October 2008
The US national debt ticked over $US10 trillion for the first time last night. There is no more significance to this number other than it being a big, bad, round symbolic figure. Though it does serve to illustrate one of the concerns over the $700 billion ($900 billion) bail-out package, …
Sept. 30 (Bloomberg) — House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month’s credit crisis. » Home Prices in 20 U.S. Cities Declined 16.3% in July – Bloomberg, …
THE Australian stock market is set to fall sharply today after Wall Street’s Dow index suffered a record one-day points decline. The “Black Day” on Wall Street came after the US House of Representatives rejected a $US700 billion ($870 billion) bailout plan for the US financial sector. The Dow fell …
Another day, another bank failure. This time WaMu (Washington Mutual) has fallen is what is termed the biggest banking failure in US history. JPMorgan Chase & Co has acquired Washington Mutual’s branch network for $1.9 billion » Washington Mutual collapse ‘biggest in US history’ – The ABC, 26th September 2008. …
BEIJING, Sept 25 (Reuters) – Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday. » China banks told to halt lending to US banks – Reuters, 24th September 2008
The US Federal Reserve has used emergency powers to rescue troubled insurance giant American International Group (AIG). In an unprecedented move, the Federal Reserve and the US Treasury will loan AIG nearly $US85 billion ($106 billion) to save the insurance giant from bankruptcy. » Fed announces AIG bailout package – …
Bank of America has announced it was buying Merrill Lynch for $US50 billion ($A61 billion) in stock, scooping up the Wall Street icon battered by the housing and credit crisis. While giving a lifeline to a troubled Wall Street giant, the deal creates the world’s largest financial services company, according …
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, has filed for protection from creditors in the biggest bankruptcy filing ever and said it was trying to sell off key business units. » Lehman Brothers files for bankruptcy – The Age, 16th September …
US unemployment jumped to a five-year high of 6.1 per cent in August as 84,000 jobs were slashed, according to a report that sparked fresh fears about recession in the world’s biggest economy. » US jobless jump sparks recession fears – The Sydney Morning Herald, 6th September 2008.
Copyright 2006 - 2022