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| Shares slide amid bail-out fears | Shares slide amid bail-out fears |
| (about 1 hour later) | |
| European shares have edged lower, following sharper falls in Asia, amid uncertainty about the impact of the massive US financial bail-out plan. | European shares have edged lower, following sharper falls in Asia, amid uncertainty about the impact of the massive US financial bail-out plan. |
| Doubts over how soon the $700bn (£382bn) US rescue plan can be applied have emerged from both the Democrats and Republicans. | Doubts over how soon the $700bn (£382bn) US rescue plan can be applied have emerged from both the Democrats and Republicans. |
| The FTSE 100 fell 1.4% and France's Cac 40 slid 1.3%. Hong Kong's HSI shed 3.5% and China's main index ended 1.5% down. | |
| On Monday, US shares fell sharply, with the Dow Jones index closing down 3.3%. | On Monday, US shares fell sharply, with the Dow Jones index closing down 3.3%. |
| The White House says Congress must back the rescue plan to stop wider economic harm. | The White House says Congress must back the rescue plan to stop wider economic harm. |
| While the bail-out package was welcome when it was made official last week, there are concerns about how the $700bn plan will come into effect in practice. | |
| The Government of Singapore Investment Corporation (GIC), a sovereign wealth fund that has acquired shares in UBS and Citigroup, expressed concerns over the risks of stalling the rescue plan. | |
| And ongoing nerves about the financial sector continue globally, after markets saw sharp volatility last week in the wake of upheaval among banks. | |
| Many politicians appear alarmed by the scale and implications of the global financial crisis. | Many politicians appear alarmed by the scale and implications of the global financial crisis. |
| Until Lehman brothers collapsed, Japanese financial institutions were pretty confident BBC's Chris Hogg in Tokyo Global reaction to financial turmoil | Until Lehman brothers collapsed, Japanese financial institutions were pretty confident BBC's Chris Hogg in Tokyo Global reaction to financial turmoil |
| Oil surge | Oil surge |
| While most US politicians are anxious to find bi-partisan ways to back the bail-out, others criticise what they see as a waste of taxpayers' money, correspondents say. | |
| In the US on Monday, the Dow Jones index closed 372.75 points, or 3.3% lower, at 11,015.6, wiping out the gains made during Friday's rally. | In the US on Monday, the Dow Jones index closed 372.75 points, or 3.3% lower, at 11,015.6, wiping out the gains made during Friday's rally. |
| Banking shares were particularly hard hit, as many investors switched to commodities such as oil and gold. Oil recorded its largest-ever one-day gain on Monday. | Banking shares were particularly hard hit, as many investors switched to commodities such as oil and gold. Oil recorded its largest-ever one-day gain on Monday. |
| The share falls came as US lawmakers held talks with the administration on the proposed bail-out. | The share falls came as US lawmakers held talks with the administration on the proposed bail-out. |
| It allows Treasury Secretary Henry Paulson to set up a fund to buy back much of the bad debt held by US banks and financial institutions. | It allows Treasury Secretary Henry Paulson to set up a fund to buy back much of the bad debt held by US banks and financial institutions. |
| With the immediate sense of imminent collapse now passing, dissenting voices are beginning to emerge, says the BBC's Kevin Connolly in Washington. | With the immediate sense of imminent collapse now passing, dissenting voices are beginning to emerge, says the BBC's Kevin Connolly in Washington. |
| Contentious issues include limiting compensation for executives of rescued firms, wider help for American homeowners at risk of losing their homes and demands for oversight. | Contentious issues include limiting compensation for executives of rescued firms, wider help for American homeowners at risk of losing their homes and demands for oversight. |
| "The Bush Administration has called on Congress to rubber stamp its bail-out legislation without serious debate or efforts to improve it," said US Senate Majority Leader Harry Reid. "That will not happen," he said. | "The Bush Administration has called on Congress to rubber stamp its bail-out legislation without serious debate or efforts to improve it," said US Senate Majority Leader Harry Reid. "That will not happen," he said. |
| HAVE YOUR SAYWhy do the world's governments insist on bailing out failing banks with our money?Frustrated, CardiffSend us your comments | HAVE YOUR SAYWhy do the world's governments insist on bailing out failing banks with our money?Frustrated, CardiffSend us your comments |
| Richard Shelby, a senior republican on the Senate Banking Committee, also hit out at the plan. | Richard Shelby, a senior republican on the Senate Banking Committee, also hit out at the plan. |
| "It would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted," he said. | "It would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted," he said. |
| President George W Bush has warned that "failure to act would have broad consequences". | President George W Bush has warned that "failure to act would have broad consequences". |
| Both Mr Paulson and Federal Reserve Board Chairman Ben Bernanke are scheduled to testify before the Senate Banking Committee on Tuesday. | Both Mr Paulson and Federal Reserve Board Chairman Ben Bernanke are scheduled to testify before the Senate Banking Committee on Tuesday. |