Word: monday
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...That's bound to get worse. French Economy Minster Christine Lagarde on Monday said she expected France to suffer 300,000 job cuts in 2009 - a figure independent analysts says massively underestimates the figure they predict, which is closer to 900,000. Speculation is also rising that several central European countries - Hungary foremost among them - may soon need bailing out by fellow European Union members to avoid economic collapse...
...Asia offered no joy either. Manufacturing data released Monday made it clear the global recession was undermining the previously robust Chinese economy. It wasn't the only one suffering. Japan reported a steep drop in car sales, while South Korea said it was experiencing the same kind...
...investors over the weekend that "the economy will be in shambles throughout 2009 - and, for that matter, probably well beyond". Still, Buffet went on to note that despite that terrible economic outlook overall, it "does not tell us whether the stock market will rise or fall". Apart from Monday, that...
Stocks crashed through a psychological barrier on Monday, falling below 7,000 to close down 4.24% for the day, at 6,763 - the first market close under 7,000 since May 1997. The broader S&P 500 was down sharply as well, falling 4.66% to finish at 700.82. (See 25 people to blame for the financial crisis...
...market opened on a sharp down note after absorbing a weekend of anxiety over AIG, the black hole of an insurance company that is swallowing another $30 billion of government assistance with no assurance that it won't need more. Monday morning, AIG reported a colossal loss of $61.66 billion for the fourth quarter of 2008. Citigroup also cast its own dark shadow with news last week that the government will convert preferred shares it owns for up to a 36% stake in the troubled financial services firm...