share market

[malleefarmer]

aussie share market in turmoil banks biggest one day loss since gfc.
expolosive manufacturer that supplies bulk of mining industry down 17% in a day and lots of other red

[malleefarmer]

one bank has lost 7% in two days

[SASKFARMER3]

Traveling in USA all is fine! Nothing wrong in America!
Something is really setting up for one ugly fall and winter.
Worried!

[malleefarmer]

was a revenue raising exercise seems reserve bank want to regulate banks to carry more cash for bad debts debt write off and bad house loans etc etc.

appears capitol raising failed

they were looking for 3 billion in capital raising.

many would say banks make obsecene profits why not tap into them that's well and good except mum and dad investors and superannuation schemes don't get a dividend its a slippery slope.

cotton might have a more professional view just search anz share plunge.

guess aussie financial markets always lag rest of the worl by a few weeks or months it seems and in my opinion have direct parallels with canadin economy export based gdp oil minerals ag steel etc.

I used to think commodity based economy are first to be in trouble but also first out but that hasn't rung true of late.

and Australia more than anyone relys on china our biggest trading partner by far.

ps ive just changed from anz actually they are really on the nose with farmers

[malleefarmer]

another thorny issue in oz or particularly my state is uranium think we have something ridiculous 15% of worlds known uranium resves but could be as high as 25% but a lot is in national parks we could be the Saudi Arabia of the south but cannot mine it due to strong green presence in parliament would imagine Canada has uranium as well and maybe same siuation.

sorry for off topic ramble a change from weather and farming

[TOM4CWB]

mallee,

Don't be sorry... the global economics are a good chuck of what makes our grain markets... good to hear if complex less than expected. Interest rates and money supply will be interesting factors going foreword... govs use QE to bounce us out of the ditch now in the new world Japan and China use.
EU and USA seem to have adopted this option... Ausie and CDN being resource economy are slower to adopt.

[ajl]

Looks like you guys have the same problems in Oz as we have in Canada. Misery loves company. We are headed for a global economic depression so severe we will not see the end of it in our lifetime. (30 yrs) Global debts are so huge it will throttle economic growth for a long time.

[errolanderson]

Comments from David Stockman
formerly director of management and budgets in the Reagan administration.

http://www.cnbc.com/2015/08/07/stocks-are-a-disaster-waiting-to-happen-stockman.html

[cottonpicken]

Have not heard anything. Somebody may have applied a stress test and they are undercapitalized or they are suffering real term losses somewhere and are under real stress. Austrailian banks are off my radar maybe suffering in the unfolding china saga?

Worth keeping an eye on.

[malleefarmer]

fact or fiction not sure read yesterday aussie dollar is 4th most traded currency in the world I dkinda doubt it