Are we having fun today, mineheads?
HUI down 5% this morning…oh yummyNow here comes the strange thing; all I see all around the biznews outlets are the same headlined stories from Bloomie, AP and suchlike screaming about the World Bank dropping world GDP estimates from -1.7% to -2.9% in 2009.
“Stocks Fall on World Bank Forecast; Dollar, Yen Rise”, says Bloomie
“US stock market declines as World Bank reduces 2009 forecast for global economy”, says AP
But the World Bank announced this revision plenty time ago, as Yves Smith at Naked Capitalism correctly points out (before the G8 meeting, in fact). So what makes it move markets today, oh journalistic world? Smells veeery fishy to me.
*Bend Over Here It Comes Again