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Is this the great moment all of us gloomsters and doomsters have been waiting for... or is it just another "adjustment"? Tomorrow by this time we'll have a much clearer idea, that's for sure. If you are already poor you may soon be in very distinguished company DS

Shares plummet on fears of global slowdown - Financial Times
Abstract: Global stocks slumped on Tuesday, with US and European markets driven sharply lower after Chinese equities plunged from record levels on fears of overvaluation, slowing growth and tensions over Iran. Wall Street suffered sharp losses, hampered also by signs of slowing growth in economic activity as durable goods orders fell 7.8 per cent in January. By mid-afternoon in New York, the Dow Jones Industrial Average was down more than 500 points, or 4 per cent at 12,124.27, the S&P 500 shed 4 per cent to 1,391.40 and the Nasdaq Composite slid 3.99 per cent to 2,404.66. European indices endured their biggest single-session declines since last May, when high valuations and fears that inflation growth would spark rapid interest rate increases drove the markets into a two-month period of volatile trading conditions.(...) Meanwhile, concerns about possible action on Iran, Opec’s number-two oil producer, intensified as a UN conference began in London to discuss possible sanctions. Adding to the downbeat sentiment, former Federal Reserve chairman Alan Greenspan said on Monday that it was “possible” the US economy may fall into recession later this year. Eurozone bond futures hit a seven-week high, echoing gains for US Treasuries overnight as the gloom in the equity market and increased geopolitical risk drove investors towards safety. READ IT ALL