G7 met over the weekend in Washington to crack the worst situation since 1930s.
This week's focus is very much on the outcome of G7 meeting as the market participants wait in anticipation of a clearer guidance from the world leaders.
G7 is essentially a rich men's club which gathers regularly to deal with world economic issues.
Most of the time when the order is in place, G7's meet is just a shoulder-rubbing session in a posh hotel over lavish foods and drinks. But during the traumatic times like what we are going through now, G7 acts are really a dose of confidence to tackle the credit crisis that is spreading over to all parts of the world.
G7 vowed to take urgent and exceptional action to unfreeze credit and money markets. In the present credit crunch, this sounds assuring.
But could the world leaders stabilize the markets after a historical week when the stock markets behaved like a roller-coaster?
Alas, the moves may slow down initially with the downtrend to dip some more. The broader picture may be something of a larger degree than some people think.
In the forex market, we may anticipate more choppy times ahead as the credit crisis spreads further to other parts of the global economy.
Miri Stories : Tossing Yee Sang
1 week ago