Market Wrap - Week Ending Friday 22nd Feb 08

By Jason Fittler

The sub prime crisis has reached Japan.

In the last seven days Origami Bank has folded, Sumo Bank has gone belly up and Bonsai Bank announced plans to cut some of its branches.

Yesterday it was announced that Karaoke Bank is up for sale and will likely go for a song while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank is soldiering on following sharp cutbacks, Ninja Bank is reported to have taken a hit, but it remains in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts report that there is something fishy going on at Sushi Bank where it is feared that staff may get a raw deal.

Ok, so what really happened last week?

Another week of the market moving sideways as the major companies reported, all in all a good reporting week with a number of the bigger players coming out with great results. Telstra being one of the outstanding results. We also saw the Aussie dollar make a strong move above 90 US cents. Our chief economist Michael Knox has come out with his recent forecast on the Aussie dollar with a price target of $1.05 by 2009. Gold also rallied as investors moved into the safe zone with on going concerns in the US.

This coming week I expect more of the same as more companies report and investors mark time before committing any money. For more information on what to do read more comments below.  

Until next week.