Word: stockely
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...needs a boost. Its stock price tanked in September, along with the economy. We won't know whether the Storm will shore up the company's earnings until the device goes on sale. One mystery remains: the device's price, which is about the only detail that RIM and Verizon have yet to reveal. Let the rumors swirl...
...European Central Bank - announced a cut in interest rates. Jean-Claude Trichet, president of the European Central Bank, described the cuts as an "important mark of confidence" that showed an "intimate cooperation" among monetary authorities around the world. Under normal circumstances, such measures would have bucked up moods and stock prices in financial centers across the globe...
...Instead, the big concerted action of Oct. 8 passed with barely a shrug from Wall Street. Stock markets worldwide continued to roil, and banks everywhere remained in the firing line. "Confidence has completely crashed, and it will take a while to rebuild it," says Craig Wright, chief economist at the Royal Bank of Canada, who is nonetheless hopeful that these and other measures will eventually start to work. "But it's hard to hear positives in a thunderstorm of gloom...
...chairman of Baosteel, one of China's giant steelmakers, and since August, he has had to cut prices twice as demand suddenly cooled off in what had been a booming industry. The era of rapid growth for Chinese steel "will soon be remembered as history," he says. The Chinese stock market has also been hit hard - it's down about 60% this year - but the nation's banking system has for the moment largely been sheltered from the international storm because it's only partly open to the global capital flows that have circulated so many toxic assets. China...
...reach out for a broader international solution, Prime Minister Gordon Brown didn't mince words. "This is not a time for conventional thinking or outdated dogma but for the fresh and innovative intervention that gets to the heart of the problem," he said. The big yawn with which global stock markets greeted the move said it all: given the beaten-down state of the financial system and the questions that continue to swirl around it, far more concerted action is needed if confidence is to be restored...