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Bewildered news anchor says he 'needs to make some calls' live on air amid Black Monday chaos | |
(about 4 hours later) | |
A news anchor was overwhelmed live on camera as the Chinese stock market tanked but information remained scarce. | |
CNBC's David Faber was placed in the unenviable position common in the 24-hour news cycle of balancing continuous reporting with an absence of any hard information. | |
Mr Faber, who has hosted CNBC’s Squawk on the Street since 2005, watched with shock as stocks rapidly dropped in the first hours of the US market opening. | Mr Faber, who has hosted CNBC’s Squawk on the Street since 2005, watched with shock as stocks rapidly dropped in the first hours of the US market opening. |
“I…I don’t… this is, uh… I… I got to make some phone calls,” the 51-year-old veteran journalist told co-cost Carlos Quintanilla. | |
The anchor, who has won a Peabody Award for his financial coverage of Walmart, added that “enormous moves” such as those seen could become “self-fulfilling” if they were over-emphasised. | The anchor, who has won a Peabody Award for his financial coverage of Walmart, added that “enormous moves” such as those seen could become “self-fulfilling” if they were over-emphasised. |
He continued: “Verizon’s [the largest US communications provider] backed off a bit now. It’s down only 9.8 per cent, but some of the moves are dramatic and enormous and, uh… scary.” | He continued: “Verizon’s [the largest US communications provider] backed off a bit now. It’s down only 9.8 per cent, but some of the moves are dramatic and enormous and, uh… scary.” |
Later on in the programme, Mr Faber had still not got a handle on the situation. A comparison to the 1987 stock market tumble by TV personality Jim Cramer got this response: “I’m going to make a couple of phone calls. I think I should do that.” | |
“I think you should,” Mr Cramer agreed. | “I think you should,” Mr Cramer agreed. |
China’s stock market collapse on Monday has prompted fears of a wider economic crash. The UK’s top companies have lost £218billion in the past ten days, although, as of Tuesday morning, European shares appeared to jump up following steep losses the previous day. |
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