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Markets News Afternoon: One year after bear market 12 year lows in US and Europe when Warren Buffett said the US economy had "fallen off a cliff"
By Finfacts Team
Mar 9, 2010 - 4:41:48 PM
New York Stock Exchange, Wall Street, New York City.
A year ago today, America's legendary Warren Buffett said the US economy had "fallen off a cliff" and was engaged in the economic equivalent of war.
In the US, the Dow and S&P 500 fell to 12-year lows; in Europe, the Dow Jones Stoxx 600 Index also fell to a 12-year low. In Asia, the MSCI Asia Pacific Index dipped to a five-year low. One year later, the Dow is up more 60%; the S&P 500 is up 68%, in the the biggest rally for the index since the Great Depression; the Stoxx 600 has surged 62% in Europe and the MSCI Asia Pacific Index has climbed 71% - - Dow Jones Milestones since 1896.
Irish high potential start-up companies: Today the Minister for Trade and Commerce, Billy Kelleher TD, announced that the Government, through Enterprise Ireland, has supported the establishment of 73 new high potential start-up companies (HPSUs) in 2009. These young companies are an integral part of the Government’s blue print for the Smart Economy. They will create over 900 new jobs over the next three years, bringing total employment in these businesses to almost 1500. Total sales over the same period are expected to reach €600m, with exports accounting for over 80% of this figure.
Making the announcement at Enterprise Ireland’s annual High Potential Start-up Showcase event, Kelleher said:
“It is absolutely critical for the development of the Smart Economy that we do everything possible to drive the continued growth of entrepreneurial, innovation led companies that will underpin Ireland’s reputation world wide as a centre of innovation excellence. They are at the forefront of innovation, creating the products and services that add value for customers, opening new markets, increasing export sales across the globe, and securing economic growth and jobs here at home.
“This is a very strong performance by these new companies that will contribute to the Government’s strategy for positioning Ireland centre stage as the international hub for innovation.”
Tuesday marked the one-year anniversary of the US market lows. "We're expecting positive returns throughout the calendar year of 2009," Keith Wirtz from Fifth Third Asset Management said Tuesday. "This is probably the anniversary of a multi-year bull market," he added. He said he sees stock prices rising through 2010.:
National Consumer Agency: Transparency of costs for consumers in the financial services market, financial education for consumers and reduced competition in banking are now additional priority areas for The National Consumer Agency (NCA) it announced today. The announcement was made as the NCA assumes the Consumer Information and Education Function of the Financial Regulator.
Legislation which will transfer these responsibilities on a statutory basis to the NCA is being drawn up at present. In the interim, the Agency has assumed responsibilities in the areas of consumer information and education under a transfer agreement with the Financial Regulator, which includes the secondment of expert staff from the Financial Regulator to work on the integration of these important functions into the wider remit of the NCA. This does not include the transfer to the NCA of either regulatory or enforcement powers in the financial services sector. These are and will remain the remit of the Central Bank and the Financial Regulator.
Ann Fitzgerald, Chief Executive of the National Consumer Agency said: “Today’s announcement is good news for consumers in Ireland who, for the first time, will have a single body to represent their interests on consumer issues including personal finance matters. They will also benefit from having an independent one-stop-shop for consumer rights and personal finance information. This makes sense. Consumers now have a resource to help them make informed decisions which hopefully will lead to lower costs and more savings on everything from groceries and electricity to investment products and loans."
US markets
In New York, the Dow has risen 12 points or 0.11% to 10,552.
The S&P 500 has gained 0.13% and the Nasdaq has climbed 0.31%.
Slow job creation continues to drag on the US economy, according to the Consumer Reports Index for March. This month’s findings show that, although the tide of job losses has been stemmed, the level of job creation needed to fuel a consumer recovery has not developed.
In Europe, the Dow Jones Stoxx 600 has fallen 0.08% Tuesday.
In Dublin, the ISEQ has lost 0.25%.
CRH has risen 0.54% and Elan has dipped 1.63%.
The UK's trade deficit widened unexpectedly in January to its largest since August 2008. "What appears to be happening now is that we've got a little bit of a pickup in the economy, we're seeing a turn in stock building, perhaps that's resulting in a widening of the deficit balance," Philip Shaw from Investec said Tuesday:
On the New York Mercantile Exchange, oil for April 2010 delivery is trading at $81.26 down 61 cents from Monday's close. In London, Brent crude for April delivery is trading at $79.69 a barrel.
Currencies
The euro is trading at $1.3569 and at £0.9058.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
Cisco is set to make an announcement at 11 a.m. ET, and CNBC's Jim Goldman has a preview:
