UPDATE: (Osaka open). December Nikkei 225 futures (Singapore) point to another move to the downside, although the decline is a more modest one (-130 points) than we’ve seen recently. N225 futures in Chicago shed 440 points to settle at 7,110, also the low of the day. Osaka futures settled at 7,160 yesterday, but in extended [...]
Archive | October 27, 2008
UPDATE: Poisonous cross shareholdings may be helpful in reaching a quicker bottom
Media reports and eventual confirmation (by Mitsubishi UFJ) of contemplation of raising capital among Japan’s mega banks warrants far more discussion. As stated earlier, the reasoning of MUFJ (JP: 8306) [[MTU]] is understandable (growth at almost any cost), but unacceptable for existing shareholders. For Mizuho (JP: 8411) [[MFG]] and Mitsui Sumitomo (JP: 8316), however, it [...]
Nikkei turns back the clock to 1982
By the end of the morning session’s dubious positive close, the Nikkei had already fallen through its post-bubble trough in early trading (compare valuations then and now), taking it to a level last reached 26-years ago (today’s close: 7,162.90). Media reports of mega banks needing to raise capital were finally taken seriously in the afternoon [...]
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