The Conservative Cave
Current Events => Economics => Topic started by: CG6468 on August 08, 2011, 03:52:46 PM
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UPDATE 4-Tel Aviv stocks fall 7 pct on US debt downgrade
Sun Aug 7, 2011 2:26pm EDT
By Tova Cohen
TEL AVIV, Aug 7 (Reuters) - Tel Aviv shares closed nearly 7 percent lower on Sunday in the first response of a developed market to Standard & Poor's downgrade of the United States' credit rating that has sparked fears of another global recession.
The Israeli market along with a few emerging markets in the Middle East were the first to trade after S&P late on Friday cut the U.S. long-term credit rating by a notch to AA-plus from AAA due to concerns about the country's budget and climbing debt burden.
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Israel's market is closed on Fridays and Saturdays.
The Tel Aviv market opening was delayed by nearly an hour as circuit breakers kicked in when shares fell more than 5 percent in pre-market trade.
The last time circuit breakers were used was on Sept. 21, 2008, after the collapse of Lehman Brothers, a stock exchange spokeswoman said.
Thank you, Blammo (http://www.reuters.com/article/2011/08/07/telavivstocks-idUSL6E7J702O20110807)