(Posted Singapore time 5pm)
You might probably know that most Asia Pacific indices nose dived and broke new lows for the year. Some are new lows for 24 months!
With the exception of New Zealand (strongest in Asia Pacific) and India, benchmark indices were not spared. My fears of what I speculated – that is the unyielding of high yield assets into safe haven like JPY, US and Treasuries is taking place. Did you assist your friends and colleagues to forward my earlier posts to prevent them from losing $$$?
Some economist predicted that this fall could even be more dramatic and ‘fierce’ as compared to the 2008 Lehman crisis. With no good news or cavalry, the worst is yet to come.
I sincerely hope that Europe can get its act together or Central banks, G20 can move swift enough to prevent further capitulation. As mentioned earlier, the Europe liquidity issue, joint forces by Central banks earlier this month could be the pre cursor behind this move. While some cheer on this move, I warned that this could be a bull trap!
As for Europe indices, things have recovered and marginally up 1%. I hope this get better before US opens!
Further updates coming when appropriate.
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