Japan stocks drop 1 pct despite Fed move

[dysfunctional press]

Source: reuters

TOKYO, March 17 (Reuters) - Japanese stocks fell on Monday despite the announcement of a Federal Reserve discount rate cut and news that JPMorgan Chase would buy its stricken rival Bear Stearns.

Read more: http://www.reuters.com/article/marketsNews/idCATFD00292320080317?rpc=44

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the asian markets don't seem too impressed...we may be in for mr. toadie's wild ride this week.

http://finance.yahoo.com/intlindices?e=asia

[Demeter]

1. The Ride's Been Wild All Day Sunday Already

The world ending is the next step.

[VeraAgnes]

2. I don't understand it

but I sense this is not good. Does Asia have their day before we do? Is this their Monday?

[Demeter]

4. Yes, It's Monday and Asia Is in Panic Mode Already

The infighting in the GD-Primary will soon be over; the economy will take all the oxygen out of the room.

If you need a silver lining, I don't think Iran will be bombed, and unless there's widespread rioting, I don't think bush could declare martial law over the economy.

But Pelosi better get that table set.

[CatholicEdHead]

7. Yep, the fundamentals have not changed

This rate change does not stop greater forces at work.

[muriel_volestrangler]

10. Update: after half an hour, down over 3 percent

TOKYO, March 17 (Reuters) - Japanese stocks fell over 3 percent on Monday as the dollar extended losses against the yen and the acquisition of Bear Stearns by JPMorgan Chase underscored the severe problems plaguing the U.S. financial system.

The slide in stocks also came despite the announcement of a Federal Reserve discount rate cut.
...
At 0031 GMT the benchmark Nikkei .N225 was down 3.1 percent at 11,860.48, below 12,000 for the first time since August 2005. The broader TOPIX was down 3.5 percent at 1,151.86.

http://www.reuters.com/article/tokyoMktRpt/idUKT29168420080317

[VeraAgnes]

11. Thanks for the clarification.

It sure helps. I hate to be left out in a fog...and I know something is brewing, I can smell it like coffee in the morning or cookies at the Mall.

I understand panic....will our market panic Monday? Does it have a Domino effect?

[Demeter]

13. If You Are Prepared for a Panic, Then You Are a Winner Either Way

Just don't do stupid things. Fill the gas tank and freezer, go to the ATM, and don't sign anything.

[mrmx9]

5. Tokyo is 13 hours ahead of New York - its 9.47am there now so they are at work!

[kickysnana]

3. kick n/t

[Doctor Cynic]

6. less than 10 minutes until Hong Kong, China, and Taiwan open

:scared:

[CatholicEdHead]

9. The Australian market is also dropping fast

http://www.asx.com.au/

[muriel_volestrangler]

8. Maybe that should read

"despite the announcement of a Federal Reserve discount rate cut and because of news that JPMorgan Chase would buy its stricken rival Bear Stearns."

After all, the price is one fifteenth of Friday's price, or one seventy-fifth of the price of about a year ago.

[Joanne98]

12. RPT-US STOCKS-Futures turn lower after Fed cuts discount rate

NEW YORK, March 14 (Reuters) - U.S. stock index futures erased their initial gains and fell sharply on Sunday evening after the Federal Reserve unexpectedly cut the discount rate and said it will allow primary dealers on Wall Street to borrow at the discount rate.

S&P 500 futures SPc2 fell 20 points and Dow Jones industrial average futures DJc2 sank 142 points. Nasdaq 100 NDc2 futures tumbled 32.75 points. (Reporting by Chris Sanders; Editing by Tomasz Janowski)
http://www.reuters.com/article/usMktRpt/idUSSP10874120080317

[Pale Blue Dot]

14. They are now down 3%. nt

[dysfunctional press]

15. 10:50pm central time, and the nikkei is down 4.23%...wow.

it is going to be UGLY on monday morning...lookout below!