Global stocks hit 5-1/2 year lows

HONG KONG (Reuters) - A rout in Asia pushed world stocks to their lowest in 5- years on Thursday, while oil fell to below $53 a barrel and safe havens such as the yen gained as economic data indicated a global recession could get even uglier.

Central banks may respond with another wave of rate cuts. The U.S. Treasury two-year yield hit a record low at one point, while other regional bonds such as in Japan surged amid the turbulence.

Investors are bracing for tough conditions ahead after the latest bearish signals for the global economy: The Federal Reserve slashed its U.S. growth forecasts, U.S. consumer prices fell at a record pace last month, and Japan's October exports fell by the most in seven years.

The bleak outlook, which is hitting sectors from South Korean chip makers to U.S. auto makers, comes amid renewed worries about the financial system. Citigroup shares tumbled to a 13-year low on Wednesday as investors questioned its survival prospects on concerns about mounting losses from credit cards, mortgages and toxic debt.

"Everybody is accepting the fact that we are in for a prolonged global recession and we are seeing a lot of pullbacks," said Lucinda Chan, a division director with Macquarie Equities in Australia.

Like dominoes, Asian markets fell a day after U.S. stocks hit their lowest in more than five years. The MSCI All-Country World Index fell 1.2 percent as of 0330 GMT (10:30 p.m. EST on Wednesday), having hit its lowest level since May 2003.

Japan's Nikkei average dropped 5 percent, below the key technical level of 8,000 points for the first time in three weeks.

South Korean and Hong Kong shares tumbled more than 5 percent, while markets in Sydney, Singapore and Taiwan fell more than 3 percent each.

More broadly, the Asia-Pacific ex-Japan MSCI index was down nearly 5 percent.

Expectations for a sharp slowdown sent oil prices down for a fifth consecutive session, and down 83 cents to $52.79.

"The lack of any positive news on the demand front as well as continued global economic turmoil continue to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy.

Oil on Wednesday fell to its lowest settlement since late January 2007 for a commodity that just in July hit a record high at about $147 a barrel.

STAYING SAFE

Investors are finding plenty to worry about. Federal Reserve officials on Wednesday pared their outlook for growth in the world's biggest economy to minimal levels and appear poised to cut interest rates further.

The weaker forecast came on a day in which data showed U.S. consumer prices in October posted their biggest drop since monthly records began in 1947, sparking concerns about a deflationary spiral.

The sharply weaker global growth bodes ill for Asian economies that need healthy overseas demand for their products. Japan on Thursday said exports logged their biggest annual decline in seven years in October.

Regional bonds were highly sought as investors looked for relative safety. The 10-year Japanese government bond yield fell 2 basis points to 1.445 percent after dropping earlier to 1.430 percent, the lowest since early October.

Expectations that the Fed could cut rates next month sent the two-year Treasury yield to a record low of 1.0685 percent in early Asian trade, according to Reuters data. By midday in Tokyo it was at 1.093 percent, up 2 basis points from late U.S. trading on Wednesday.

Risk aversion also kept the yen and the dollar firm on Thursday. Safe-haven capital flows have benefited the Japanese currency as investors, in times of stress, tend to sell assets financed with the cheaply-borrowed yen.

The dollar was up 0.1 percent at 95.83 yen, slightly above a one-week low of 95.66 yen hit on Wednesday. The euro inched up 0.2 percent against the yen to 119.80 yen, also a tad above a one-week low.

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Megyn Kelly pulled her sons out of the private elementary school they attended after she learned that the boys were asked "weekly" if they were still sure they were boys. But that's not all that this "experimental transgender education program" taught.

Megyn joined Glenn Beck on the radio program to tell the story, which she thought had ended when the school apologized, and to talk about what's next for America as our leaders refuse to promote actual psychological support for our kids and instead "parade" transgenderism as the solution to their problems.

"When [my son] was in third grade, I found out they unleashed a three-week experimental transgender education program on these boys, with really inappropriate videos. The kids were confused. These are 8- and 9-year-olds, Glenn. They have no idea what the school is even talking about with the trans thing. They got really in-depth, with really in-your-face videos — and then parents complained. And the school did something it hasn't done in its 400-year history, which was they apologized. Even they realized they had done wrong," Megyn explained.

"But, then I said to my son a year later, so did they ever round back to the trans thing? Like, whatever happened with it? And he said ... they bring it up every week. ... [They ask] how many people here still feel confident that they're a boy? Do you still feel sure you're a boy?" she continued. "This is not support. This is not nonbullying. This is indoctrination. And it's deeply confusing to the children, and wrong."

Megyn went on to give examples of how she's seen trans ideology turn "support, nonbullying, kindness, friendship, allyship, on its head."

"The absolute surrender of the medical community to this insanity is a scourge on this nation. It's disgusting what is happening with our doctors," she added. "There are people who are legitimately transgender, or who have gender dysphoria. And for those people, we should be supportive and they should get the care that they need. But what we've done instead, is taken everyone who expresses any kind of gender confusion and said, you're trans. You're trans. And we have our psychiatrists doing this."

"It's crazy," Megyn asserted. "The fact that we're doing this so willy-nilly in the name of allyship and support, it's abusive. It's criminal."

Watch the video clip below to catch more of the conversation:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

"Never forget" is not only a tribute to those we've lost, it's a warning that it could happen AGAIN. On "Glenn TV" Wednesday, Glenn Beck looks back 20 years ago to the modern generation's Pearl Harbor moment. A day of infamy we're STILL feeling repercussions from.

But in remembering 9/11, we need to look toward the future because the Biden administration is setting us up for the NEXT 9/11. They bungled the Afghanistan withdrawal, and now we have video of top al Qaeda commanders — who served with Osama bin Laden — returning to the country. But could America survive another terror attack?

Glenn asks former NYC Mayor Rudy Giuliani, the leader who brought America back from the brink. He tells Glenn about the moment he learned the Twin Towers were struck, the actions he took to prevent more terrorism, and if he thinks NYC could survive another attack under Mayor de Blasio's leadership.

Glenn is also joined by Rev. Johnnie Moore, author of "The Next Jihad." He warns that Biden's policies in the Middle East are Obama 2.0, and "if you thought ISIS was bad, you haven't seen anything yet. We must keep our eyes on Iran."

Watch the full episode of "Glenn TV" below:


Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

Glenn Beck and The Nazarene Fund have been working tirelessly to evacuate Americans and our allies from Afghanistan, thanks to the U.S. government's failure to do so. But it's been far from easy. A recent Newsweek article, titled "Taliban Holds Up Glenn Beck Group's Planes," addressed some of the most recent challenges. The article claimed that six planes — filled with Americans and SIVs ready for takeoff — were "grounded by the Taliban amid negotiations with the U.S. State Department." So, what's actually going on? Why is the State Department meddling in the rescue? And what are the next steps to get these Americans home?

Watch the video clip below to hear Glenn breaks down the whole story:

UPDATE: Leaked Email Shows State Department STILL Blocking Afghanistan Rescue Flights


Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.

Bill O'Reilly joined "The Glenn Beck Program" Friday to discuss a recent House Homeland Security Committee briefing on the impact of the 9/11 terror attacks, during which "national security experts" claimed "right-wing" groups pose a greater threat to the United States than groups like the Taliban or Al-Qaeda.

Glenn played two video clips from the briefing that showed Senior Fellow Brookings Institute Center for Middle East Policy, Daniel Byman, and former National Intelligence Council Chair during the Obama administration, Christopher Kojm, in apparent agreement that "right-wing extremists" are a bigger threat to Americans today than "jihadists."

"I'm someone who has written extensively on both jihadist groups, but also right-wing, white supremacist groups," Byman says in the first video clip. "And in my mind, there's no question that today in the United States, the right-wing and white supremacist violence is a much greater risk."

"I agree with your assessment and those of my colleagues who have spoken already, there's little doubt that the domestic terrorist threat from white nationalists and right-wing extremist groups is greater than the jihadist threat today," Kojm states in the second clip.

"Who are those idiots?" O'Reilly exclaimed. "It's just unbelievable ... they're not even in the same universe. Yeah, there are bad neo-Nazi Americans running around, yeah, but there are very few of them. I mean, the jihadists are causing death and destruction, death and destruction all over the world. Not just in the United States. These people are so blatantly irresponsible and ignorant, it's just staggering."

Watch the video clip below to catch more of the conversation:

Want more from Glenn Beck?

To enjoy more of Glenn's masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.