Whilst US and EU investors worry *** over Stock Market falls they have been eclipsed by a drop in the engine room of modern technology.
The Taiwan Taiex index lost 404.14, or 4.2 percent, to close at 9,162.28 in Taipei. That's the steepest slide since June 2006, and the biggest fluctuation among global benchmarks. About five stocks fell for every one that gained.
Hon Hai fell NT$17, or 6.1 percent, to NT$263.50. China Steel Corp., Taiwan's largest steelmaker, declined NT$2.10, or 4.7 percent, to NT$42.50. Chunghwa Telecom Co., Taiwan's largest phone operator, fell NT$2.60, or 4.4 percent, to NT$56.
But .... AU Optronics Corp. the world's 3rd largest LCD maker - especially for lap-tops, clicked up 80 cents, or 1.5 percent, to NT$54.80. They announced 2Q2007 sales surge to NT$5.99 billion (US$182 million) from NT$182 million a year earlier. The company expects this year to report a profit of NT$2.47 billion.(US$750Mn)
The Vice Chairman Max Cheng told us that there was a stunning growth in deliveries ...2Q2007 large panel shipments, increased by 22.2% to 19.48 million from 1Q2007.
Small- and medium-sized panel amounted to 32.23 million with a 45.6% QoQ increase, both setting records for deliveries.
Washington Post today - "Wall St. Extends Losses as Dow, S& P Suffer Through Worst Week in 5 Years"
The Dow fell 208.10 on Friday , to 13,265.47, with nearly 140 points of that loss coming in the final half-hour of trading. For the week, the index fell more than 585 points, or 4.23 %.
As ever the Commerce Department (Reuters)reported contrived figures to show that the US GDP had increased at a 3.4 % annual rate, indicating that the drag from the housing sector declined (!!!).
See Saturday NYT for same story.
Elsewhere Preacher Dubya said ;
“And so I want the American people to take a good look at this economy of
ours. The world is strong — the world economy is strong. I happen to believe one
of the main reasons why, is because we remain strong.”
Doesn't that make you feel good ... Quagmire Accomplished.War is Peace ...FREEDOM IS SLAVERY ..... IGNORANCE IS STRENGTH