Obama fails to warm Wall Street stocks

Obama’s inauguration did not manage to prevent Wall Street index S&P 500 from falling 8.7%, reaching its lowest levels in fourteen years.

The worst performers in the United States markets today were banks where doubts were raised on the results Wells Fargo is expected to issue tomorrow. Wells Fargo was one of the better managed banks during the financial crisis.

Banks, or rather, the duration of their bailout, was also a cause of concern in Britain where The Guardian reports that banks in Britain may be nationalised for as much as ten years. 

This shows us that all that long-lasting change needs is a signature on a piece of paper. If it’s for the better, then that’s a different question.

Jobs and Cars trouble continues as Wall Street waits

Everyone’s waiting for what Obama will say, and do, on the economy even stock traders as CNNMoney reports that stocks on Wall Street are set to go down in value today.

Meanwhile there’s a mix of bad and good news on the other side of the Atlantic Ocean as Times reports that inflation in Britain has stumbled to 3.1% in the last three months of 2008. RBS’ shares, which yesterday announced the biggest loss in British corporate history, are today trading at higher prices. 

This is however overshadowed by news that food firm Vion and clothing firm Burberry are set to axe jobs. 

European car-makers urgently need money, said Renault’s Chief Carlos Ghosn at a summit in France today. More than 10% of France’s workforce is employed in the car industry. France is preparing a plan to inject more cash in the industry.

Toyota’s also in trouble as it fired its President today after the company reduced its sales by 4%.