The JSE All Share is now at 27681.090, down 1.75%. Meanwhile real house prices plunged by the largest margin in 15 years (in May). I have predicted on this blog before that stock markets are delusional, and ought to have most of their value knocked off either during this month or in August.
Crisis wipes $1 trillion from financial stocks Monday July 7, 4:57 pm ET
By Joe Bel Bruno, AP Business Writer
Concerns about credit, housing wipe $1.3 trillion from S&P 500's financial companies in 2008
NEW YORK -- U.S. financial companies have lost more than $1 trillion in value this year, and yet another decline on Monday shows concerns aren't going away soon.
Banks and brokerages began the week lower on the same fears that have been proven toxic since last summer in the ongoing credit crisis. The financial sector was hit with a confluence of troubles on Monday: