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Thread: ISEQ crash deepens - down over 70%

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    Default ISEQ crash deepens - down over 70%

    Another 2pc fall today. Its now about 12pc from its peak and 7pc YTD. If the Irish economy is so rosy why are all the foreign pension funds etc. bugging out?
    Last edited by kerrynorth; 10th October 2008 at 12:04 PM.

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    2pc drop today resulted in 2 billion being wiped from ISEQ - and of course it's the banks that took the biggest hit.

    It's not just the irish economy, this isn't just a local thing, there was heavy trading on the markets globally. FTSE lost 1pc if i recall the stats earlier.

    But it doesn't bode well, not well at all.

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    It's the fault of the US economy - specifically the sub-prime mortgage sector lending to clients with attrocious credit-ratings. €100 billion may be lost in this sector over there because of some numbskullery. In the context of the falls in ISEQ, they are falling left, right and centre around the globe. You could argue that the construction slowdown in Ireland is also playing a role - but even were it not there - the ISEQ would be nosediving because as they say, 'when the US economy sneezes the world catches cold'. Such was the case in 1929 remember? Anyway I've bailed out and disposed of my shares.

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    Quote Originally Posted by FutureTaoiseach
    Anyway I've bailed out and disposed of my shares.
    Thus contributing to the lack of lusture in the index, how very selfless of you. Ireland's starving children of tomorrow thank you.
    Happiness is a dry martini and a good woman … or a bad woman.
    –George Burns

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    specifically the sub-prime mortgage sector lending to clients with attrocious credit-ratings

    same thing happened a couple of years ago with the risk mortgages, since then it has hit highs. The highs never make the 9 o'clock news though.

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    This is a world wide situation. The US economy is not performing. Their housing market is in the dung and their CDO market is in a shambles. Also their is a major shift in monetary liquidity from the US to Europe and Asia. A lot of money is seeking safe harbours. Once the monetary shift is finally over, the markets should quiet down and stablise.
    A society of sheep must in time beget a government of wolves. (B. de Jouvenel)

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    None of those reasons explain why the ISEQ is by far the worst performer in Europe this year.

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    FT, the fact that it is now falling means that it reached a peaked. Was this a bubble? Were there chaps out there that put their money in irrationally? In fairness, your claim that you sold out before the fall means you may not be as thick financially as you are politically.

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    Irish stocks had a value that was based on beliefs about future growth. Those predictions are looking a bit shaky considering the economic indicators. I took what managed fund investments I had out of Irish oriented funds and put them into German ones at the turn of the year. So far it's been a good move.

    Of course you can blame me for the ISEQ fall then...
    Economic Left/Right: -2.88 (down 3.63 since the financial crash)
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    Quote Originally Posted by kerrynorth
    None of those reasons explain why the ISEQ is by far the worst performer in Europe this year.
    Don't forget that the ISEQ is a small cap market. By all rights it should have been absorbed by London ages ago. The banks being hit hard also has a dispropotionate impact on a such a small market.
    A society of sheep must in time beget a government of wolves. (B. de Jouvenel)

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