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Aftershock
US markets opened the new year with their worst first day performance since the dark days of 2008
The struggles of China’s stock markets are causing shocks felt around the world.
9.14am, 5 Jan 2016
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Traders gather at a post on the floor of the New York Stock Exchange on 29 September 2008. Yesterday's US market-performance saw the worst first day of trading since January of that year. AP / Press Association Images
AP / Press Association Images / Press Association Images
US STOCK MARKETS have suffered their worst opening-day performance to a new year since 2008.
The Dow Jones index closed down 1.58%, the lowest first day return since 2 January 2008. Meanwhile the S&P 500 had its sixth worst opening day since the 1920s in finishing down 1.5%.
At one stage yesterday the Dow Jones had fallen more than 2.5%, setting it on course for the worst opening day of trading since the height of the Great Depression in 1932.
Markets worldwide are jittery to say the least on foot of the market troubles being seen in China.
While the Shanghai Composite index has recovered slightly over the last day, after massive selling saw the index value plummet triggering a “circuit breaker” shut down, this is chiefly attributable to massive intervention by the Chinese government.
In addition to the shut down, which closed Chinese markets in a bid to stem the negative flow, the Communist government has pumped money into the system via the purchase of equities while major investors are banned from selling stock beyond the end of this week.
China sports the world’s second-largest economy. Any slowdown there would be expected to result in a slowdown in growth around the world.
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Ugly start
A currency trader rubs his eyes at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, today Ahn Young-joon
Ahn Young-joon
Poor manufacturing performance and skepticism over the Chinese economy, coupled with the ongoing instability in the Middle East as Saudi Arabia and Iran cut diplomatic ties, is fueling the spiral being seen in markets across Asia.
“This situation has gotten the market off to a very ugly start,” said Peter Cardillo, chief market economist at First Standard Financial.
Low manufacturing returns in the US are also in part to blame for the extensive jitters being seen there yesterday.
European markets have held relatively steady after a rough day’s trading yesterday on the back of concerns over China.
European stock markets rebounded in opening deals on Tuesday, after tanking the previous day on fresh evidence of China’s economic slowdown.
In initial trade today, London’s benchmark FTSE 100 index rallied by almost 1.1% to 6,158.7 points compared with close of business on Monday.
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Cats should have the same legal protection as dogs regarding cruelty. I’ve had two poisoned by pigeon keepers in the past two years and caught two young girls taking and trying to throw my old blind cat in to traffic recently. I hope the folks who do this get rat and mouse infestations!
They shouldn’t be left out then. The least people should do is put a bell on their collar. They are basically an invasive species when wandering around on their own killing small wild animals.
We are behind in this country in terms of animal cruelty. Every few days another story of savagry but never any convictions. Its also cruel to let cats roam wild and to think that you’re “looking after them” by throwing out a tin of food every few days. Sadly too many people do this. The biggest killer of wildlife in Ireland is the domestic cat turned feral. Poisoning is not the answer but I would defend pigeon keepers dealing with problem cats. I have a bird pen and cats do the most damage – but its nearly always a neglected feral one infested with mange and fleas.
People should know where there cats are – I have cousins who had their cat shot by a farmer for attacking chickens, they hadnt a clue where the cat had been going. Yes cats are social animals but you are responsible for your pet also – like everyone blames the owners when dogs attack sheep and rightly so. Double standard by many cat owners.
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