Tuesday, May 13, 2008

Deterioration starting to pick speed

- CEO of JP Morgan, Jamie Dimon made a statement yesterday , that while the current credit market crunch may soon be over, the U.S. economy could still face a deep and extended recession.

- The median home prices in U.S dropped some 7.7% in first quarter, the largest in 29 years. Its expected to decline over the next two years before starting the climb back up in 2010. Home price decline will have a severe cascading impact across US financial sector.

- Total sales at U.S. retailers weakened slightly in April

- Price of oil near $126 a barrel in volatile trading with a high of $127, on Iranian supply cut fears

- As per Moody's, Asian economies likely to be significantly impacted in second / third quarter of this year.