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| Version 11 | Version 12 |
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| Global stocks sell-off continues | Global stocks sell-off continues |
| (30 minutes later) | |
| European and Asian stock markets have moved sharply lower amid fears the financial crisis will cause a prolonged global downturn. | European and Asian stock markets have moved sharply lower amid fears the financial crisis will cause a prolonged global downturn. |
| In London the FTSE 100 index was down 3.7% by mid-morning, while France's Cac 40 lost 4%. Germany's Dax fell 6.5%. | |
| Earlier in Asia, Japan's Nikkei closed down 952.58 points, or 9.4%, at 9,203, its lowest finish since June 2003. | Earlier in Asia, Japan's Nikkei closed down 952.58 points, or 9.4%, at 9,203, its lowest finish since June 2003. |
| Elsewhere, Hong Kong's Hang Seng index was 6.2% lower, and India's main share index had fallen 8% at one point. | Elsewhere, Hong Kong's Hang Seng index was 6.2% lower, and India's main share index had fallen 8% at one point. |
| Markets in Australia, China and Taiwan were among other fallers. | Markets in Australia, China and Taiwan were among other fallers. |
| FTSE 100 INDEX: 8 October 2008 | FTSE 100 INDEX: 8 October 2008 |
| Russia's Micex exchange has suspended trading until Friday, after the index dropped more than 14% in the first half-hour of trading. | Russia's Micex exchange has suspended trading until Friday, after the index dropped more than 14% in the first half-hour of trading. |
| 'Unstoppable' selling | 'Unstoppable' selling |
| The slump in Europe and Asia followed a huge sell-off on Wall Street which saw the Dow Jones index close Tuesday down more than 500 points. | The slump in Europe and Asia followed a huge sell-off on Wall Street which saw the Dow Jones index close Tuesday down more than 500 points. |
| Investors simply don't find incentives to buy stocks Kazuki MiyazawaDaiwa Securities SMBC Financial crisis at-a-glance: 8 Oct | |
| The European falls came despite the UK government announcing details of a rescue package for the banking system worth at least £50bn ($88bn). | The European falls came despite the UK government announcing details of a rescue package for the banking system worth at least £50bn ($88bn). |
| The plan to buy a stake in at least eight banks and building societies came in the wake of a slump in the value of many banking shares. | The plan to buy a stake in at least eight banks and building societies came in the wake of a slump in the value of many banking shares. |
| Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession, observers say. | Recent efforts to bolster world credit markets have failed to stem fears that the spreading financial crisis could lead to a global recession, observers say. |
| "Selling seems almost unstoppable because of uncertainty over the crisis," said Kazuki Miyazawa of Daiwa Securities SMBC | "Selling seems almost unstoppable because of uncertainty over the crisis," said Kazuki Miyazawa of Daiwa Securities SMBC |
| "Investors simply don't find incentives to buy stocks." | "Investors simply don't find incentives to buy stocks." |
| Action call | Action call |
| On Tuesday, US stocks hit their lowest levels in five years as investors continued to worry over the strength of the world's banking institutions. | On Tuesday, US stocks hit their lowest levels in five years as investors continued to worry over the strength of the world's banking institutions. |
| US President George W Bush has called for unified action to combat the world's financial crisis. | US President George W Bush has called for unified action to combat the world's financial crisis. |
| Australia's decline came despite the central bank's efforts to stem the crisis by cutting its official interest rate by 1% on Tuesday. | Australia's decline came despite the central bank's efforts to stem the crisis by cutting its official interest rate by 1% on Tuesday. |
| New York's main stock market index, the Dow Jones, rallied briefly on Tuesday before closing down more than 5%. The index has lost nearly 13% of its value in its past five sessions. | New York's main stock market index, the Dow Jones, rallied briefly on Tuesday before closing down more than 5%. The index has lost nearly 13% of its value in its past five sessions. |
| Tuesday was another grim day for New York Stock Exchange traders | Tuesday was another grim day for New York Stock Exchange traders |
| Federal Reserve Chairman Ben Bernanke gave financial markets little reassurance when he said the US was tackling a financial crisis "of historic dimensions". | Federal Reserve Chairman Ben Bernanke gave financial markets little reassurance when he said the US was tackling a financial crisis "of historic dimensions". |
| He signalled that the Fed - which is invoking emergency powers to buy up company's short-term debts - might be prepared to cut interest rates to support the economy. | He signalled that the Fed - which is invoking emergency powers to buy up company's short-term debts - might be prepared to cut interest rates to support the economy. |
| Mr Bush telephoned the leaders of France, Britain and Italy to discuss ways of tackling the markets turmoil. | Mr Bush telephoned the leaders of France, Britain and Italy to discuss ways of tackling the markets turmoil. |
| He called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch. | He called for co-ordinated action by leading industrialised countries to tackle the worldwide credit crunch. |
| The International Monetary Fund said losses on loans in the US, and on financial assets based on those loans, were likely to be double the $700bn provided in a rescue package agreed by Congress. | The International Monetary Fund said losses on loans in the US, and on financial assets based on those loans, were likely to be double the $700bn provided in a rescue package agreed by Congress. |
| Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below? | Are you concerned about the global economic crisis? What questions would you like to ask the experts? Send us your questions using the form below? |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |