"BP (London Stock Exchange: BP.-GB), one of the world's biggest oil companies, announced a second-quarter replacement cost loss of $6.3 billion Tuesday, and warned that low oil prices are here to stay."
The problem in a word, Austerity.
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China's stock market has been extremely volatile since mid-June.
And now that dip has prompted government intervention. Additional measures are likely if the whiplash-like moves continue.
Over the last month, the Chinese government has implemented at least 40 measures to prop up the market, including:
An interest rate cut by China's central bank
Establishing a stabilization fund to outright buy stocks
A ban on stockholders and executives from selling stakes in listed companies for six months
An order for companies to buy equities
An investigation by the nation's public security bureau into short selling
A halt of initial public offerings (IPOs)
Official speeches and commentaries to assure citizens that China's stock market will stabilize
China, some annalist are saying their economy looks just like the US did in 1929. Their stocks have been falling so fast the government has intervened to stop the slide.
Since you are a trader you will probably do OK, but long term I'd look at the state of the world's economy, and it isn't looking very good.
I don't know how many times I pointed out world growth was slow due to austerity, FYI that means oil use was growing slower than production. And the amount of oil Iraq, Saudi Arabia, Nigeria was adding to the market. Now instead of being a big boy and admitting he should have listened, it spins his tale to say it is POTUS's fault.
Proablay not even an investor, more than likely a R. paid to twist and outright lie to put P. Obama and the Democratic party in the worst light possible.
And one other thing for energ, you had plenty of warning and cautions from posters on this board, that advised investors to be nimble and be to be careful, but instead of a yellow caution light you saw a flashing blue sales light, so take it like a man and quit complaining about POTUS, he didn't click on the buy button you did.
If walker gets in you will have gw BuSh on steroids, and without the compassionate conservative, if there is such a thing..
No I can't get gw BuSh out of my brain, so forget that, it is unbelievable to me that a phony clown such as im could pull of what he did, and then get elected again. IMO the sad truth is that doesn't really reflect on him. What it really shows is how stupid Americans are. And hopefully by hammering this home the American people will wise up, but I won't put much store in that.
Low oil prices is a shot in the arm for the American consumer, in the end it will put more money into their pockets as commuting, goods and services costs come down. A lot of CAD and US oil companies will suffer for sure, but that is the way of the so called free markets. Since the so called free traders insist that should be how the world works, then you will have to take the bad along with the good.
Yeah, people either forgot or didn't know the magnitude of the gw BuSh world wide financial crisis, the effects of austerity which in effect is punishing the victims of the crisis, or the long term effects of so many people losing so much money. "Money is like blood, it has to be in circulation to do any body any good." Austerity and wage suppression removes money from consumers pockets, consumers are the economy.
No to the the US requiring buying of Iran oil. Market forces are at work.
how could anyone give me a thumbs down for reporting the truth. Goes to show that many who post on these boards are absolute idiots.
When austerity ends oil will rebound. The signal for that will be when #$%$ infrastructure rebuild bill finally gets by the R. congress.
oil prices will recover when austerity ends, not until. I'm not sure if this is true or not but i heard today that China dumped a lot of gold. I've also heard that China's economy is cooling a lot faster than expected. So why would China dump gold? Anybody have a clue as to why they would do that?
How about a link to that? I was driving through Winnemucca NV, that is about 165 miles East of Reno. In front of a casino I saw about 6 Tesla charging stations, thought that was pretty interesting..