The financial turmoil continues,no doubt not helped by the unilateral action of the German and Danish governments over the weekend(Wait for the Anti German headlines in the press)
The latest as the new economic coordination committee meets is that all the major European markets are currently down by around 5% and Wall Street has opened lower in its first trading session after the $700b bail out was approved by Congress on Friday.Shares in the Far East had already finished the day around 3% lower on average.
In the UK bank shares have led the way with big falls for Royal Bank of Scotland , HBOS and Barclays.The pound has also fallen against the dollar and the yen.The FTSE is now at its lowest point in 4 years
Oil has fallen to its lowest price in eight months falling to $89 a barrel on fears of economic recession.
Iceland became the latest country to have the spotlight thrown on them and this morning has seen trading in six of its biggest financial firms halted temporarily.
The latest bad news on the economy sees the sale of new cars falling by more than a fifth in September to levels not seen since 1999.
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