In Europe and US financials took the biggest hammering overnight. Deutsche Bank ann US6 Billion loss for a single qtr! Our banks are in far better shape and have lost 50% of SP. Banks in UK have lost 85-90% of SP. Our tourism chiefs say overseas tourists will drop 4% in 09. Who are they kidding? 24% is more likely. After govts tourism is our biggest employer. As hotels/theme parks/car hire etc suffer.... thousands of jobs will be lost. Ultimately banks will have to make large writedowns as businesses/people are unable to repay borrowings. Plus we still have a freeze on short selling financials which is due to be lifted shortly. Avoid all banks IMO.
