Roger Biduk writes:
Reaction to the governement bailout of Freddie & Fannie look very positive in Asia.
Singapore's Strait Times is +3.5%, Japan's Nikkei +3.5% and Hong Kong's Hang Seng + 3.8%.
I would also expect the US$ to strengthen again major currencies.
Sunday, September 7, 2008
Roger Biduk: Market futures soaring on Fannie & Freddie bailout
Well, looks like Wall Street like the bailout proposed by the U.S. government on Freddie Mac and Fanny Mae.
S&P futures are +33, Nasdaq +39 & Dow +248.
Both companies will be taken over by the government and that takes a huge amount of uncertainty out of the market...after all, around half of all the mortgage debt in the U.S. is with these two companies.
However, it's not good news if you own their common stock. S&P downgraded both preferred stock ratings to junk.
email comments to rogerbiduk@rogerbiduk.com
www.rogerbiduk.com
S&P futures are +33, Nasdaq +39 & Dow +248.
Both companies will be taken over by the government and that takes a huge amount of uncertainty out of the market...after all, around half of all the mortgage debt in the U.S. is with these two companies.
However, it's not good news if you own their common stock. S&P downgraded both preferred stock ratings to junk.
email comments to rogerbiduk@rogerbiduk.com
www.rogerbiduk.com
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