Any bets on when the next rate cut occurs?? I say before the end of the week, if what I think is in store for the markets this week comes to pass...
We'll see... maybe it will be next week..
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Tokyo's Nikkei hits new 19-year low on Wall Street
TOKYO, Oct 7 (Reuters) - Tokyo's Nikkei average fell to a new 19-year intraday low on Monday, led by drops in banks and other blue chips such as Sony Corp, with sentiment beaten by another tumble on Wall Street.
The Nikkei was down 180.81 points or 2.00 percent at 8,846.74 as of 0011 GMT, its lowest intraday since 1983.
The TOPIX index was down 1.85 percent at 875.10.
Major bank issues extended last week's heavy losses, with Mizuho Holdings falling 4.72 percent to 203,000 yen and UFJ Holdings sliding 6.88 percent to 203,000, adding to a 32 percent loss last week.
Nervous investors bet that the government would force banks to tighten the screws on ailing borrowers, eating into lenders' capital and triggering a wave of corporate failures.
Consumer electronics giant Sony lost 2.32 percent to 5,050 yen, while NEC Corp dropped 4.05 percent to 498 yen.
On Friday, the tech-laden U.S. Nasdaq composite index slid 2.2 percent, while the broader market rung in its sixth straight week of losses, on a hail of dismal earnings outlooks, and increasing fears of a war in Iraq.
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10/06/2002 20:27
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