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Forex Research - Equity Markets in Full Meltdown Yen Through 93 Selling Hits Full Panic

Equity Markets in Full Meltdown Yen Through 93 Selling Hits Full Panic Mode Last Updated 10/24/2008 5:28:00 AM EST (GMT +5)

Equity Markets in Full Meltdown Yen Through 93 Selling Hits Full Panic Mode

Global equity markets were in full panic mode tonight with Nikkei dropping nearly 10% while European bourses were hammered from the open by relentless one way selling. The decline was triggered by a sharp profit warning from Sony which suggested that a tough consumer environment and unfavorable exchange rates would hurt business going forward.The Nikkei remained under water from that point on and continued to trade lower as the session progressed.

However, the true collapse in the currency market did not start until the Europeans came on board as sell orders swamped the equity markets, putting further pressure on USD/JPY which at one point collapsed 150 pips in a matter of seconds on a stop cascade. The volatility in the currency market has been nothing short of astounding as the only trade that appears to matter is sell risk and ask questions later. With credit crisis aftershocks now affecting a host of emerging market nations and the threat of Russian default becoming more real by the moment panic has reached a fever pitch in capital markets and volatility is likely remain at record levels until investors get some assurance that the world is not coming to an end.

The economic data is an after thought in today’s action but the news from Europe provided no help to either euro or cable bulls. In EZ the Flash PMI number were weaker than forecast with both Services and Manufacturing now below the 50 boom/bust level. Meanwhile UK GDP data surprised to the downside printing at –0.4% vs. –0.2% forecast. The news indicates that the severity of the slowdown is clearly increasing but with markets already pricing all asset classes for a doomsday scenario sentiment rather than fundamentals will likely drive trade in the North American session.

It will be interesting to see if markets continue to liquidate risk when US traders get to their desk or whether we have reached the crescendo during European hours. Yesterday US equity markets went out positive on the close and were trading up in the after hours in the wake of relatively strong news from Microsoft. However, given the carnage tonight the question remains whether North American investors will follow suit and dump equities indiscriminately. Given the intensity of the decline, today’s price action has all the markings of capitulation and therefore a short covering rally is likely due in the next few sessions. For now however, volatility reigns supreme and caution is highly advised.

FX Upcoming

Currency GMT EST Release Expected Prior
CAD 8:00 11:00 CAD Consumer Price Index (MoM) (SEP) -0.1% -0.2%
USD 10:00 14:00 USD Existing Home Sales (SEP) 4.97M 4.91M

About The Author

Schlossberg has more than 20 years experience financial trading on Wall Street. His daily currency research appears in numerous newspapers worldwide and Schlossberg serves as a regular contributor to CNBC's Squawk Box and Bloomberg radio and television. Read more >>

DISCLAIMER: This forum and the information provided here should not be relied upon as a substitute for extensive independent research before making your investment decisions. Global Forex Trading is merely providing this column for your general information. This forum and its information does not take into account any particular individual’s investment objectives, financial situation, or needs. All investors should obtain advice based on their unique situation before making any investment decision based upon this forum or any information contained within. In addition, any projections or views of the market provided by the author may not prove to be accurate. Global Forex Trading and Boris will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this column. Global Forex Trading and Boris do not render investment, legal, accounting, tax or other professional advice. If such advice is sought, or other expert assistance is required, the services of a competent professional should be sought.



 

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