US markets slip; market disappointed in the Term Asset-Backed Securities Loan Facility (TALF) turnout as investors applied for 2.5% of the $ 200 billion the Fed has set aside to boost consumer and small-business spending. Dow Jones ends down 1.7% or 122 points at 7278, NASDAQ down 1.8% or 26.2 points at 1458, S&P 500 down 2% or 15.5 points at 769.
US Future gain on reports that White House is expected to announce bank bailout plan to sop up banks’ toxic assets on Monday. Asian markets open strong ahead of expected Geitherner’s bank rescue plan announcement today. Nikkei, Kospi, Taiwan, Hang Seng up nearly 2%, Straits Times up 1.2%. Shanghai, Kospi, Taiwan, Jakarta markets returns positive YTD.
USD had its worst week since 1985 against a basket of currencies; Euro posted one of its best weeks against the US dollar since it was introduced in 1999. YTD performance in Dow Stocks: IBM up 10%, Citigroup down 60%.
Global Movers & Shakers: TALF Disappointment: Bank of America down 11%, JPMorgan down 7.2%. GM, Ford up 10%; Obama’s advisor to auto task force said that the gov aid to GM and Chrysler may have to be ramped up.
Global Cues: Japanese FM said that the economy needs a new stimulus plan worth trillions of yen and that a figure of 20 trillion yen ($ 209 billion) is “not out of line” ((he has already promised a stimulus in April).
Commodities: Crude up 10% last week; trading above $52/bbl; Gold up 2.7% last week.
Currencies: Yen depreciates 1.85% against USD at 96.31. Dollar trading flat Vs Euro.
Data To Watch
White House is expected to announce bank bailout plan to sop up banks’ toxic assets on Monday
US existing home sales data
Earnings from Tiffany, Walgreen
Currencies — weekly results
U.S. $ per currency % Week % YTD
Australia A$ +4.4% -3.5%
New Zealand NZ$ +6.5% -5.0%
Eurozone euro (€) +4.9% -3.0%
UK pound sterling (£) +3.2% -1.1%
India rupee +1.6% -3.9%
Japan yen +2.2% -5.4%
Malaysia ringgit +1.1% -5.8%
Singapore Singapore +1.6% -5.5%
South Korea won +5.6% -10.5%
Taiwan Taiwan $ +2.1% -2.9%
Thailand baht +1.8% -1.6%
Switzerland Swiss franc +5.1% -5.6%
Global Stock Market Recap
Country % Week % YTD
Nikkei 225 +5% -10.3%
Hang Seng +2.5% -10.8%
Kospi +4% +4.1%
Singapore +1.2% -9.3%
Shanghai Comp +7.2% +25.3%
Sensex +2.4% -7.1%
Jakarta Comp +2.5% +0.4%
KLSE Composite +1.6% -2.3%
Taiwan +1.3% +8.1%
Thailand +1.1% -4.5%
UK FTSE 100 +2.4% -13.3%
France CAC +3.2% -13.3%
Germany XETRA +2.9% -15.4%
Dow Jones +0.8% -17.1%
NASDAQ +1.8% -7.6%
S&P 500 +1.6% -14.9%
Global Markets Snapshot for Monday Morning: US markets slip; market disappointed in the Term Asset-Backed Securities Loan Facility (TALF) turnout as investors applied for 2.5% of the $ 200 billion the Fed has set aside to boost consumer and small-business spending.
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