• Home
  • About
  • Favorite Articles
  • My Core Beliefs
  • Recommended Reading
  • The Gospel
  • What signs?
  • Why Prophecy?
  • Where do I start?

myBlessedHope

…while we wait for the blessed hope – the glorious appearing of our great God and Savior, Jesus Christ,… – Titus 2:13

Feeds:
Posts
Comments
« Ted Turner blasts U.S. for once again sitting back on climate change
Scared investors sitting on the sidelines »

European debt woes hit world markets

October 3, 2010 by myblessedhope

More Global uncertainty as we see just how close to the cliff we sit as a world.  We know from God’s world that we will have a single world currency and economy during the end times.  What will be the trigger that pushes us over.  Ireland’s debt?  Spain’s debt?  Only God knows, so we must be watchful for signs and turn back to him!

_________________________________________________________________

European debt woes hit world markets

LONDON (AP) — A new flare-up in Europe’s debt crisis hit world stock markets Thursday after Ireland announced it would sink more billions into its failed banks and Spain’s public debt rating was downgraded.

Ireland said it would put euro3 billion ($4.1 billion) more into Allied Irish and take majority control. Along with other bailouts, that would push the public deficit above 30 percent of annual economic output, a postwar record in Europe.

Meanwhile, Moody’s Investor Services cut Spain’s public debt rating, a move many in the markets had expected but which confirms that Europe will be slow to emerge from its debt crisis.

Neither development was completely unexpected and market declines remained modest. Britain’s FTSE 100 was down 0.2 percent at 5,561.11 while Germany’s DAX was 0.3 percent lower at 6,230.85. France’s CAC-40 was down 0.8 percent at 3,708.02.

Asian indexes closed lower and Wall Street was expected to slip on the open — Dow futures were down 0.1 percent at 10,770 while Standard & Poor’s 500 futures were 0.2 percent lower at 1,139.

Whereas Spain’s debt downgrade was largely priced in by investors and follows earlier downgrades by other ratings agencies, Ireland’s move to further prop up its banks proved a mixed bag for markets.

“The figures revealed in today’s government statement look awful,” said Sonia Pangusion, analyst at IHS Global Insight, about the Irish bank news.

Ireland estimated that the bailout of Allied Irish could rise to euro34 billion ($46 billion) in a worst case scenario.

However, Pangusion said that providing more detailed figures to the markets has added clarity and should boost confidence over the longer-term. Also, she noted that Ireland’s government is fully funded until June next year, eliminating any fear that it could default on its debt in the near term.

This may be why stock markets have not dropped further, although considering Ireland’s skyrocketing deficit, the government will have to impose more spending cuts, potentially destabilizing the country.

“Further austerity measures are painful when economic activity is poor and the labour market is weak and they generate a political dilemma,” said Pangusion.

Thursday’s announcements from Ireland came a day after labor unions held widespread demonstrations across Europe against governments’ austerity measures. The protests unnerved investors concerned that social unrest could derail the region’s ability and determination to reduce deficits during tough economic times.

In Brussels, meanwhile, finance ministers gathered to debate new rules that would crack down on overspending governments — but disagreements over key elements meant quick consensus seemed unlikely.

Tougher rules are considered necessary to convince markets that the region will be able to avoid a repeat of the debt crisis that is still plaguing it. The EU wants a structure that can overcome individual countries’ unwillingness to reprimand each other over excessive spending.

On top of Europe’s debt problems, investors were worried by reports that some Federal Reserve officials are hesitant to back a new round of asset purchases, the monetary tool the central bank uses to lower market rates and help the economy.

“Because they (the Fed) are not making any firm commitments, we get the idea that they are still not very optimistic about the economic recovery,” said Lee Kok Joo, head of research at Phillip Securities in Singapore.

In Asia, Japan’s benchmark Nikkei 225 stock average lost 190.03 points, or 2 percent, to close at 9,369.35. Sentiment in Tokyo was also sluggish as Japan’s industrial production fell for the third straight month in August.

Thursday’s drop in the Nikkei comes a day after game maker Nintendo slashed its earnings forecast by more than half after announcing its 3-D hand-held game machine, called 3DS, won’t be available in time for the Christmas shopping season. The company’s shares tumbled 9.3 percent Thursday.

The revision also shows Nintendo, which has stood up well among Japanese exporters, is getting battered by the rising yen. A stronger yen reduces profits from overseas sales when the income is brought back to Japan.

South Korea’s Kospi gained 0.3 percent to 1,872.81. Australia’s S&P/ASX 200 shed 1.3 percent to 4,582.9 and Hong Kong’s Hang Seng retreated 0.1 percent to 22,358.17.

Benchmarks in Singapore, India and Taiwan were down while Thailand, Shanghai and Jakarta were up.

In currencies, the dollar fell to 83.26 yen from 83.78 yen. The euro rose to $1.3665 from $1.3622.

Benchmark crude for November delivery was up 16 cents at $78.02 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.20 to settle at $77.86 on Wednesday.

Associated Press writer Pamela Sampson in Bangkok contributed to this report.

_________________________________________________________________

Click on the article title for a link to full original referenced article.

Share this:

  • Print
  • Email
  • Facebook

Like this:

Like Loading...

Related

Posted in End Times Prophecy, One World Currency | Tagged allied irish, end times prophecy, global currency, one world currency european debt woes, prophecy, spain downgraded, world markets |

  • God’s Word:

    "For it is by grace you have been saved, through faith--and this not from yourselves, it is the gift of God--not by works, so that no one can boast. For we are God's workmanship, created in Christ Jesus to do good works, which God prepared in advance for us to do." -- Ephesians 2:8-10
  • Recent Posts

    • The deep meaning of God’s word…
    • The hook in the mouth of the Gog…
    • A Thief in the Night…
    • Is The Bible True Or Not?
    • Apostasy from within…
    • At the tipping point or already on the downhill slide…
    • Mega-pastor: Ten Commandments no longer applicable
    • Deception – The Death of Journalism…
    • Dissecting Christ’s Declaration on Noah’s Day
    • English Bible Version Overview Diagram
    • Were the Pyramids Built Before the Flood? (Masoretic Text vs. Original Hebrew)
    • As in the Days of Noah…
    • The Atheist Delusion Movie
    • Jesus Only!
    • 2017: What a 15-day ride so far…
  • Categories

    • Aloha Sermon's & Prophecy updates (52)
    • Antichrist (110)
    • chart of the day (2)
    • Christian Persecution (272)
    • Church Falling Away (301)
    • Daily Scripture (3)
    • Days of Noah (310)
    • Deception (700)
    • Devotional (36)
    • Earthquakes (163)
    • End Times Prophecy (1,051)
    • Ezekiel 38 War (267)
    • Feasts (21)
    • Just for Fun (47)
    • Mark of the Beast (69)
    • My Thoughts (7)
    • One World Currency (289)
    • One World Government (347)
    • One World Religion (137)
    • Pestilence (103)
    • Prophecy Headlines (113)
    • Psalm 83 War (289)
    • Rapture (173)
    • Rebuilding the temple (30)
    • Restoring Honor (11)
    • Salvation (154)
    • Uncategorized (19)
    • Weather signs (243)
  • Pages

    • About
    • Favorite Articles
    • My Core Beliefs
      • I’m a Pre-Millennial, Pre-Tribulational Dispensationalist. A what???
      • Dispensational Truth: Part II
      • Dispensational Truth: Part III
      • Dispensational Truth: Part IV
    • Recommended Reading
    • The Gospel
    • What signs?
      • Re-Emergence of Israel
      • Jerusalem is a Burden to the World
      • The Dramatic Increase in Travel and Knowledge
      • Exponential Growth Marks the Times
      • Rise of the Gog / Magog Alliance
      • The Rise of Global Government
      • The Good News Preached Throughout the World
    • Why Prophecy?
    • Where do I start?
      • Seven Things You Have to Know to Understand End Times Prophecy
      • Sequence Of Major Events
      • Destiny Of The Three Components Of Humanity
      • Purpose And Length Of The Great Tribulation
      • Purpose Of The Rapture
      • Conditions Surrounding The 2nd Coming
      • Duration and Purpose of the Millennium
      • Eternity
      • Breaking down the Book of Revelation
  • News

    • CNS News
    • OneNewsNow.com
    • The Blaze
    • World Net Daily
  • Prophecy Links

    • Biblical Evangelism
    • creation.com
    • Ezekiel Watch
    • Frank Dimora's Blog
    • Grace Thru Faith
    • Joel Rosenberg's Blog
    • Living Water
    • Rapture Ready
    • The Truth Group
  • Supplies

    • Chirstian Books Superstore
    • Emergency Essentials
    • Food Insurance
  • Support

    • I am Second
    • In Touch Ministries
    • K-LOVE
    • Rizeup
    • Wallbuilders
  • Archives

    • April 2022 (3)
    • September 2018 (8)
    • August 2018 (2)
    • July 2017 (1)
    • January 2017 (3)
    • December 2016 (7)
    • November 2016 (3)
    • September 2016 (5)
    • July 2016 (5)
    • February 2016 (3)
    • November 2015 (1)
    • October 2015 (1)
    • September 2015 (6)
    • August 2015 (5)
    • July 2015 (2)
    • June 2015 (2)
    • May 2015 (2)
    • April 2015 (1)
    • March 2015 (6)
    • February 2015 (3)
    • January 2015 (1)
    • December 2014 (7)
    • November 2014 (3)
    • October 2014 (4)
    • September 2014 (18)
    • August 2014 (9)
    • July 2014 (2)
    • June 2014 (1)
    • May 2014 (5)
    • April 2014 (5)
    • March 2014 (11)
    • February 2014 (3)
    • December 2013 (9)
    • November 2013 (1)
    • October 2013 (1)
    • September 2013 (2)
    • August 2013 (15)
    • July 2013 (1)
    • June 2013 (10)
    • May 2013 (8)
    • April 2013 (10)
    • March 2013 (6)
    • February 2013 (21)
    • January 2013 (14)
    • December 2012 (17)
    • November 2012 (17)
    • October 2012 (20)
    • September 2012 (33)
    • August 2012 (39)
    • July 2012 (9)
    • June 2012 (23)
    • May 2012 (10)
    • April 2012 (12)
    • March 2012 (42)
    • February 2012 (13)
    • January 2012 (8)
    • December 2011 (2)
    • November 2011 (17)
    • October 2011 (8)
    • September 2011 (19)
    • August 2011 (12)
    • July 2011 (17)
    • June 2011 (7)
    • May 2011 (12)
    • April 2011 (6)
    • March 2011 (25)
    • February 2011 (7)
    • January 2011 (31)
    • December 2010 (23)
    • November 2010 (104)
    • October 2010 (194)
    • September 2010 (256)
    • August 2010 (241)
  • Meta

    • Register
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.com

Blog at WordPress.com.

WPThemes.


  • Follow Following
    • myBlessedHope
    • Join 94 other followers
    • Already have a WordPress.com account? Log in now.
    • myBlessedHope
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: