Friday, 5 September 2008

Scary....What A Move!

I have been following the Helsinki stock Exchange in the past 10 years, quite a few time you have a rare massive and disordely move. Today was one them.

"Nokia Corporation
Stock exchange release
September 5, 2008 at 15.00 (CET+1)

Nokia lowers its third quarter 2008 mobile device market share outlook

No further comments on that, but it was worth highlighting it as it might have an impact on the psychology that seem to play a bigger role than fundamentals...things are clearly not sound.

Worth noting as well that Russian stock market and currency, the ruble, are collapsing. The Russian central bank are to intervene in order to protect the currency for falling further as investors are pulling their fund.

"Russian stocks plunged and the cost to protect government bonds jumped to the highest in almost four years as the central bank shored up its currency pummeled by the conflict in Georgia and tumbling commodity prices."

So the Baltic countries are on the brink of collapsing with Estonia leading the way, Sweden and Norway economies are all but nose diving and the only support that was left was Russia and Asia who are currently decelerating and fast. ...Looks to me that a repeat of a 1990 scenario cannot be ruled out ...

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