Word: sectoral
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...number of economic signals suggest as much. Market volatility indices are way up. In addition to economic stagnation reflected in nine consecutive months of job losses, retail sector struggles and a suffering automotive industry, the market is fretting about potential disasters yet to come in the banking arena. European banks appear increasingly unstable, and doubts remain about American insurance companies and financial institutions stuck with dubious debt obligations...
...unheard of 1000 basis points, even after the bailout bill was signed into law. That means the market price for insurance against a $10 million Morgan Stanley default hit $1 million per year, more than 10 times the typical ceiling cost for such insurance in a normally functioning bank sector. "The bailout is a step forward, but it's not at all clear that it's going to work," says Darrell Duffie, professor of finance at the Stanford University Graduate School of Business...
...Sachs, demonstrate that there is a lot of market concern about the stability of leading financial institutions, even after the Treasury's recent steps. Another piece of evidence: the premiums on three-month interbank loans remain very high in comparison with overnight loans, signaling banks' deep uncertainty about the sector's stability...
...about 30 minutes on Tuesday, the Dow Jones Industrial Index gained back close to half of yesterday's loss, which included the biggest point drops in more than 20 years for most of the world's major stock indices. But investors could not look past the struggling U.S. financial sector, nor the overleveraged European banks. Very quickly, they sent the Dow on a day-long 500 point plunge - with it and the S&P 500 hitting five-year lows...
...fear? That's the predicament greens find themselves in now, with what is potentially the worst financial crisis since the Great Depression scaring Americans out of their wits. With the tanking economy dominating the news, and the government willing to virtually bankrupt itself to bail out the financial sector, it could be hard to push the climate change agenda - and possibly hard to find any money left to support it. "If this crisis consumes all of our attention, it might definitely impact the speed at which [global warming] legislation could be passed," says Wiley Barbour, the founder of the American...