TRADING FRENZY TAKES ITS TOLL ON WORLDS作者：Christopher | 原始出处：ftchinese | 2007-3-2 09:55:27 | 已阅 2050 次

By Christopher Brown-Humes and Gillian Tett in London
Friday, March 02, 2007
 
Financial markets swung wildly yesterday in frenzied trading marked by further selling of equities and fears about an unravelling of the global carry trade.

At the same time, trading in the European credit markets in London was exceptionally heavy as traders frantically reassessed their appetite for risk – prompting wild swings in the prices of key derivatives.

It was the third day of frenetic activity in the European credit markets, suggesting that equity market swings were prompting a wider repositioning of investors in a host of asset classes.

Wall Street – where the Dow Jones Industrial Average plunged more than 200 points in the opening minutes and the S&P 500 recorded a corresponding percentage fall – recovered strongly after the publication of strong manufacturing data.

At midday in New York the DJIA was down 0.32 per cent, or 39 points, at 12,229.70, while the broader S&P 500 index was 0.3 per cent lower.

The same pattern was seen in Europe where the FTSE Eurofirst 300 index, which was up 0.9 per cent in morning trade and down 2.4 per cent at its worst, partially recovered to end the day 0.9 per cent lower at 1,469.02. In London there was a near 200-point swing on the FTSE 100 index, which closed down 0.9 per cent at 6,116.0,

In Asia, the Nikkei 225 Average closed 0.9 per cent lower, with the Shanghai Composite in China falling a further 2.9 per cent. US and European government bond markets rallied in the face of the equity sell-off.

It marked the third day of market turbulence that was initially triggered by a 9 per cent fall in the Chinese market on Tuesday.
 
http://www.ftchinese.com/sc/story_english.jsp?id=001009830