Global Stocks, U.S. Futures Fall, Led by Carmakers; Yen Rallies

Source: Bloomberg

Oct. 24 (Bloomberg) -- Stocks tumbled around the world and U.S. index futures fell on deepening concern the global economic slump will crimp corporate earnings. The yen climbed to a 13- year high against the dollar, and Treasuries headed for their biggest weekly gain since 1995.

South Korea's Kospi Index sank 10 percent as the country's economy grew at the slowest pace in four years. Toyota Motor Corp. tumbled 6.4 percent following its first drop in quarterly sales in seven years, while PSA Peugeot Citroen slipped 11 percent after cutting its forecast. General Motors Corp. slid 7.4 percent in Europe. Air France-KLM Group slumped 6 percent as the carrier said it will struggle to meet profit targets.

The MSCI World Index lost 2.9 percent to 884.45 at 9:17 a.m. in London, extending this week's retreat to 7 percent. The index has plunged 44 percent in 2008, headed for its worst year on record, as credit-related losses and writedowns topped $660 billion in the worst financial crisis since the Great Depression.

``The panic levels are now quite unseen,'' said Christian Gattiker, Zurich-based head of equity research at Bank Julius Baer & Co. which manages about $307.6 billion globally. ``It's difficult to have any words for this situation right now.''



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aV1qIwAYd9Og&refer=worldwide

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:shrug:

Today just might be the real bottom.

and right before I move to Japan... should've gotten those Traveler's checks sooner -_-"

tighter?" :sarcasm:

The hacks on MSRNC's stock market channel STILL get ALL of Karl's talking points.