Intraday Market Thoughts

Archived IMT (2009.03.02)

by Ashraf Laidi
Mar 2, 2009 12:32

An additional $30 billion in US govt capital into AIG, further stock dilution in HSBC (biggest issue coupled with 6.1K job losses) and last week's assistance to Citigroup (3rd in 4 months) is punishing world equities following the break of key support levels on Friday in US indices. UKs FTSE-100 finally breaks below its November lows to hit 3,654, its the lowest since April 2003, extending losses to 46% from the record high of Oct 2007. Germanys Dax index broke below its Nov lows 2 weeks ago and is now at its lowest since August 2004, also 46% from its 2007 highs.


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