London (CNN) – As markets fall and economists talk up the prospect of a new recession, the end of this week will bring some welcome relief to investors who have seen $6 trillion wiped off global stocks in the past month alone.
Markets in Asia have lost 15% while shares in the U.S. are down between 5% and 9% as of Friday’s start of trading in New York. Yet it’s European stocks that have suffered the most –down nearly 20% year to date – reflecting persistent concerns that the eurozone is fast unravelling.
Scott Shellady, of ICAP U.S. in Chicago told us on the show “I have a European passport and I don’t know what it will be worth in 12 months time.”’ He adds the region could by then have “confederate money for all I know.”
Hong Kong, China (CNN) – I’m a guy who pretty much looks to the bright side of things. You know, that “glass is half-full, silver-lining” kind of guy. But reporting profusely – almost manically – on the volatility of Asia-Pacific markets these past few weeks, I have this knot in my stomach that tells me things will get worse before they get better.
You see, right after the 2008 global financial crisis, Asia-Pacific markets made significant gains against their U.S. and European counterparts. Case in point, throughout 2009, the Dow rose about 15% while the main indexes in Australia, Hong Kong, Korea and China rose from 30% to 75%.
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