What's one mega-deal when the world's economy is about to shrink for the first time since World War II? Indeed, U.S. stock futures declined significantly Monday morning, indicating markets could sell off again at the start of trading today. Even the $41.1 billion merger between Merck (NYSE: MRK) and Schering-Plough (NYSE: SGP) didn't seem to do much as the global economic crisis cast a shadow over pretty much any good news.The World Bank came out with a pessimistic outlook, saying the global economy is likely to shrink for the first time since World War II, and trade will decline by the most in 80 years. While the International Monetary Fund predicted in January a 0.5% global growth this year, the World Bank said world growth will be 5% below its potential, without giving a precise estimate.
Meanwhile, not helping sentiment at all, Warren Buffett said on CNBC this morning the economy has "fallen off a cliff" over the past six months and consumers have changed their habits in remarkable ways.
Overseas, Asian stock markets sank Monday, with Japan's benchmark tumbling to a 26-year closing low, and European shares opened lower, but with pharmas gaining on the MRK/SGP merger news. Oil prices rose to above $46 a barrel Monday as investors now anticipate yet another OPEC production cut will shrink global supplies, with traders betting oil at $50 a barrel is not far off. If lower oil prices have been the one saving grace so far, higher oil prices could choke off some industries with the higher costs.
With no new economic indicators being reported today, it seems stocks, already at multi-year lows, may resume their declines after the small respite they had Friday.
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3-25-2009 @ 8:59AM
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