Buckle up for apocalypse Dow
SOME say that financial armageddon is nigh - and that it's already too late to stop it.
WHEN the respective heads of the World Bank, the International Monetary Fund and the Federal Reserve each warn within a day or so, as they did last week, that the likelihood of a double-dip global recession has increased and that ''we are entering a danger zone'', it's pretty hard to ignore.
Shares tanked on the news, with the Australian market ending 5.6 per cent lower for the week and at a 26-month low. So did commodity prices - copper was down 7 per cent on Thursday evening and another 6 per cent on Friday night. Gold wasn't spared, while silver was crunched 18 per cent overseas in the Friday session alone.
The Australian dollar was also dumped in the commodity sell-off, dropping firmly below parity with the greenback to finish at US97.7¢, and with Commonwealth Bank currency strategist Joseph Capurso deeming the near-term risks to remain on the downside.
Read more at the Brisbane Times.