by Reuters .....Wall Street ends worst quarter since 2008

Wall Street ends worst quarter since  2008 Written by Reuters Saturday, 01 October 2011 10:14 NEW YORK: Stocks ended their worst quarter since the depths of the 2008 credit crisis, crippled by Europe's debt debacle, a U.S. credit downgrade and a sputtering global economy. A steep slide on Friday, Sept 30 closed out a fifth month of losses as weak economic data from China sparked fears of a global economic slowdown while investment bank Morgan Stanley plummeted on concerns about its exposure to European banks. The S&P 500 index has lost more than 14 percent this quarter and over 7 percent in September alone. As of Thursday, Wall Street's deep downturn in the third quarter wiped out $2.2 trillion of the Wiltshire 5000 index -- the broadest measure of U.S. stocks. "Why is the market so soft and so weak? Because '08 is still fresh in people's memories," said Joseph Mazzella, a senior trader at Knight Capital in Jersey City, New Jersey. Stocks have been battered by the threat of a slowdown and fears that a Greek debt default could spark a credit shock similar to that caused by Lehman Brothers in September 2008, sending markets into a tailspin. Fears of a hard landing in the world's second largest economy joined the potent mix troubling investors after China's manufacturing sector shrank for the third month in a row. HSBC's China flash purchasing managers index showed the longest contractional streak since 2009 in a worrying sign for the world economy, which has looked to China as a rare source of expansion. "The economic engine that has been driving growth has been China and if that comes undone, it gets scary again," said Mazzella.

http://www.theedgemalaysia.com/business/193814-wall-street-ends-worst-quarter-since-2008.html

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Europe, China woes fuel earnings worries

Europe, China woes fuel earnings worries

Written by Reuters

Saturday, 01 October 2011 10:33

NEW YORK: Investors are worried U.S. earnings growth may finally fall back to earth as turmoil in Europe and signs of a less robust Chineseeconomy hurt foreign support, Reuters reported on Friday, Sept 30.

The euro zone's debt crisis and weakness in China have fueled investor concern that the global economy could tip back into recession, possibly dampening U.S. earnings growth at a time when the U.S. economy is still struggling to gain ground.

Overseas sales have helped U.S. companies beat earnings expectations in the last couple of years, with foreign sales totaling 30 percent on average for Standard & Poor's 500 companies.

http://www.theedgemalaysia.com/business/193821-europe-china-woes-fuel-earnings-worries.html

All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.