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strbear

Ftse Down 0.8% Awaiting Ben's Comments

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London shares opened sharply lower on Wednesday as investors traded cautiously ahead of Fed Chairman Ben Bernanke’s semi-annual testimony to Congress and minutes from the Bank of England’s monetary policy committee meeting earlier this month. The minutes will be released at 0830GMT while Mr Bernanke’s speech starts at 1400GMT amid concerns over the impact of the US subprime mortgage market. Bear Stearns on Tuesday told investors in two stricken hedge funds managed by the US bank that one fund had lost all its value and the other had about nine cents remaining for every dollar invested following bad bets on the subprime market.

Wonder what he'll have to say?

SB

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Guest grumpy-old-man
Wonder what he'll have to say?

SB

just heard that on sky news a couple of mins ago.

they also mentioned a 6-3 vote to raise, did I hear this correctly as I didn't catch it all ??

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Have a look at the FTSE since 15:30 when ben made his announcement - its a straight line down at 160 degrees - its now dowm over 1% on the start.

http://mwprices.ft.com/custom/ft2-com/html...&sid=123797

All ben said was

One risk to the outlook is that the ongoing housing correction might prove larger than anticipated, with possible spillovers onto consumer spending,” said Mr Bernanke. “Yet another risk is that energy and commodity prices could continue to rise sharply, leading to further increases in headline inflation and, if those costs passed through to the prices of non-energy goods and services, to higher core inflation as well.”

Do you think it was written by RB?

article at http://www.ft.com/cms/s/52016452-34ac-11dc...00779fd2ac.html

Enjoy

SB

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Have a look at the FTSE since 15:30 when ben made his announcement - its a straight line down at 160 degrees - its now dowm over 1% on the start.

http://mwprices.ft.com/custom/ft2-com/html...&sid=123797

All ben said was

Do you think it was written by RB?

article at http://www.ft.com/cms/s/52016452-34ac-11dc...00779fd2ac.html

Enjoy

SB

an admission of paralysis. The market has reacted to tone, not content.

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Its now down 1.4% on the day . . .

In 1987 I was working in the City and the stockmarket fell 30% or something in a day. It took a further 3 years for the country to really go into recession. Don't get too excited. What is more loads of investments aren't even in shares these days after the pension funds had to sell off at the bottom thanks to Gordon.

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