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Thursday, August 11, 2011

European and US stock markets crash today...again

Just after a day of relief, worldwide stock markets have started the downward journey again. Dow Jones has fallen more than 500 points today. The reason? European bank crisis is spreading. Watch out for Indian Stock Markets too.

The Dow Jones industrials were down more than 530 points before the close today. Gold has hit December delivery at $1,801 an ounce. This is first time that Gold has crossed $1,800.

The two main concerns were crashing European and especially French bank stocks. The other major concern, weak American economy.

The French banking stocks crashed on worries that there are deep problems within French banking system. French government has proposed to consider new tax increases, spending cuts and other budget measures for deficit reduction.

These developments and crashing European/American stock markets would certainly further destabilize Indian Stock Markets. It would be advisable for long term investors to not to buy stocks at this moment and be in wait and watch mode. Certainly there would be buying opportunities when they can buy good stocks at reasonable valuations.

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