Der Spiegel Online: Experts Warn of Stock Market Hysteria
Posted on January 22nd, 2008 | by admin |Markets crashed all across Europe Monday, with Germany’s DAX losing 7 percent of its value. But analysts advise against panic — in fact, they say, now might be a good time to pick up some cheap stocks.
Five percent, 6 percent, 7 percent: For the German DAX stock market index, Monday was a day of steep falls. A €1 billion loss at the bank WestLB, combined with the fears of a global recession
It wasn’t just the DAX which was hard hit. London’s FTSE 100 index also fell 4.5 percent, while in Paris the Cac-40 dropped 4.6 percent. Elsewhere the Tokyo Nikkei 225 index fell by 3.9 percent. US markets were closed for a public holiday, however.Is the DAX now set to keep falling? No, say experts. “It looks dramatic at the moment, but it is not as bad as it seems,” Matthias Jörss, head of equity strategy at the leading private bank Sal. Oppenheim, told SPIEGEL ONLINE. “We have gotten used to rising prices over the years — especially in Germany. Now we are simply seeing a correction.”
Read the whole article @ Spiegel Online >>
This is one of the businessmen’s reasons to hate Mondays.