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MONDAY OCTOBER 27
Signs Of the Apocalypse Pile Up Dust off your abacus, cuz’ it’s about to get Biblical. So far today, the Nikkei 225 closed at a 26-year closing low, while the sterling built on losses against the dollar and oil stumbled toward $60. The Middle East staged its first bank bailout Sunday, but customers remained fearful, rushing to yank deposits from Kuwait's second-largest bank. Elsewhere, the G7 commenced in its own freakout session over the yen (see following story) which continued to hover at a 13-year high against the dollar, as Indonesia’s rupiah and Poland’s zloty tanked. Equity indexes in India, China and the Philippines cratered by more than 6% and, not to be outclassed, the IMF moved to lend Ukraine $16.5 billion and give Hungary ``a substantial financing package.'' That, of course, did not keep Hungary's BUX Index from shedding another 11% – but not to worry. Deeply soothing statements are being made! October 2008New User?Sign up to get free access to TraderDaily.com
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