Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45151)	11/20/2008 7:19:31 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71625

Recession Bites Europe Lionel Laurent, 11.20.08, 06:24 AM EST Stocks slump as the downturn hits major companies; Rolls-Royce announces layoffs for 2009; Air France profit almost wiped out, while Ahold beats. * Royal Bank of Scotland ADS Thu Nov 20 2008 07:16 EST - $12.20 $0.00 0.00% Chart Royal Bank of Scotland ADSChart Royal Bank of Scotland ADSChart Royal Bank of Scotland ADS o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * RYCEY Thu Nov 20 2008 07:16 EST - $19.59 $0.00 0.00% Chart RYCEYChart RYCEYChart RYCEY o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * AFLYY Thu Nov 20 2008 07:16 EST - $12.19 $0.00 0.00% Chart AFLYYChart AFLYYChart AFLYY o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * MAKSY Thu Nov 20 2008 07:16 EST - $5.94 $0.00 0.00% Chart MAKSYChart MAKSYChart MAKSY o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News * AHONY Thu Nov 20 2008 07:16 EST - $9.74 $0.00 0.00% Chart AHONYChart AHONYChart AHONY o 1 day o 3 mo o 1 year o Advanced Tearsheet \| Chart \| News European stocks suffered a predictably gloomy performance Thursday morning, as engine maker Rolls Royce unveiled job cuts and Air France-KLM's quarterly profits were virtually wiped out. The Dow Jones Euro Stoxx 50 index slumped by 2.9%, to 2,228.03 points, with benchmark indexes in Paris and Frankfurt down 2.6%-2.8%. The London FTSE 100 was down by only 1.5%, helped by better than expected retail sales data and a rebound for Royal Bank of Scotland (nyse: RBS - news - people ) shares, up 9.0%, to 46.10 pence (68 cents). Article Controls imageemail imageprint imagereprint imagenewsletter imagecomments imageshare imagedel.icio.us imageDigg It! imageyahoo imageFacebook imagerss Yahoo! Buzz Europe's fall was not as dramatic as Asia's, where Japan's Nikkei index lost 6.9% and the Hong Kong benchmark slipped 5.5%. The export-driven region was hit hard by the strengthening of the yen and a faster than forecast drop in American consumer price inflation, taken as a sign of demand weakness. But the prospect of recession is clearly hurting European investor confidence as well. Shares of Rolls Royce (other-otc: RYCEY - news - people ) fell 2.5%, to 261 pence ($3.89), after the engine maker said it would cut up to 2,000 jobs worldwide in 2009 to cope with the troubled environment for clients like Boeing (nyse: BA - news - people ) and Airbus. The company in January announced a similar number of job cuts for 2008. And Air France-KLM (other-otc: AFLYY - news - people ) fell 7.1%, to 9.34 euros ($11.69), in Paris, after the airline saw quarterly profits tumble to 28 million euros ($35.0 million), from 736 million euros ($921.2 million), on the back of higher oil prices and the cost of hedging. The company also abandoned its operating profit target for 2008. The market jitters kept investors flocking to bonds for some stability. The three-month German bund yielded 1.81%, down 0.03%, while the one-year bund yield fell by 0.08%, and the five-year bund yield slipped by 0.05%. There was some positive news for European retail. In Britain, October retail sales data showed a better than anticipated slip of 0.1%, and major stores have unveiled an aggressive round of pre-Christmas sales to keep customers spending. Shares of Marks & Spencer (other-otc: MAKSY - news - people ) gained 3.5%, in London, with rival Debenhams (other-otc: DBHMY - news - people ) up 9.5% and fashion chain Next (other-otc: NXGPF - news - people ) up 4.4%. Comment On This Story And Dutch retailer Royal Ahold (other-otc: AHONY - news - people ) beat expectations with its quarterly results, thanks to a long-term price reduction program. Shares gained 6.9%, to 8.55 euros ($10.70), in Amsterdam. In the energy markets, oil futures slipped by slightly less than a dollar, to $52.69 per barrel, while Brent crude fell a similar amount, to $47.71. A fresh impasse between Iran and the International Atomic Energy Agency nuclear watchdog failed to offset worries about slumping demand for oil in the current environment. In Pictures: Market Masters After Hours Moversimage Export Growth Stalls In Pearl River Delta Hackers Target Airportsimage Rate This Story