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Summary
European markets have opened lower today, giving up the gains they had made after shares rallied on Tuesday. The declines come on the back of overnight losses in the US and in Asia on returning fears about the implications of the US subprime credit crisis. Overnight, the US market led Asian markets down as concerns about credit markets and badhome loans emerged with news that American Home Mortgage Investment Corp. might liquidate its assets after failing to meet margin calls. Asia’s stock markets fell more than 4 per cent on Wednesday and the yen hit a three-month high, as investors scrambled away from risky trades on worries about a worsening credit crunch. While the current volatility and weakness in global stock markets is unnerving for investors, Fidelity emphasises the importance of considering the long term when investing. In addition, when markets are volatile, it is important to invest with a manager with the experience and resources to select stocks that can weather the conditions, or even benefit from them.
What’s caused the recent market weakness?
Investors are concerned about the increasing troubles in the US housing sector and this has led to global stock market and currency market volatility. Credit market woes have filtered into the stock market, as banks have been hurt by having to take loans onto their own balance sheets instead of passing them on to outside parties. Investors are also concerned that a lack of funding will slow the wave of acquisitions from private-equity firms, a significant driver of the market over recent times.
Commentators are looking for more hedge-fund troubles globally as a key indicator of market movements. Unfortunately, this has been forthcoming after Bear Stearns, manager of two hedge funds that collapsed last month, blocked investors from pulling money out of a third fund. In addition, Macquarie bank, Australia’s largest securities firm, announced that some of its high-yield funds may lose as much as 25 percent of their money.
Company earnings reports are also another key indicator. Commentators will continue to watch economic data reports in the US and whether there is any progress on funding for some of the high profile deals on the table this week.
