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Global stocks sell-off continues European shares claw back losses
(about 1 hour later)
European and Asian stock markets have fallen sharply amid fears the financial crisis will cause a prolonged downturn. European stock markets have clawed back some of their early losses following the news of co-ordinated cuts in interest rate.
In London the FTSE 100 index was down 3.6% by late-morning. France's Cac 40 lost 4.5% and Germany's Dax fell 5.6%. The Bank of England, the European Central Bank and the US Federal Reserve have all cut their key rates by 0.5%.
After the cut London's FTSE 100 index was down 0.7%, France's Cac 40 lost 2.0% as did Germany's Dax.
All the indexes had been much lower earlier in the day as concerns grow about the state of global economies.
Earlier in Asia, Japan's Nikkei had closed down 9.4% at 9,203, its lowest close since June 2003.Earlier in Asia, Japan's Nikkei had closed down 9.4% at 9,203, its lowest close since June 2003.
Elsewhere, Hong Kong's Hang Seng index closed 6.2% lower. India's main index fell 8% at one point but eventually closed down 4.3%.Elsewhere, Hong Kong's Hang Seng index closed 6.2% lower. India's main index fell 8% at one point but eventually closed down 4.3%.
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 2008FTSE 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
Some of the key developments on another day of market turbulence have included:
  • The UK government has announced details of a rescue package that would see it put £50bn ($88bn) into banks to strengthen the financial system
  • ING Direct UK announced it was acquiring more than £3bn of deposits held by British savers with Icelandic-owned banks
  • The British government said all UK savers with accounts in the closed Icelandic internet bank Icesave would get all their money back.
  • Austria became the latest country to fully guarantee savers' deposits
Some of the key developments on another day of market turbulence have included:
  • The Bank of England cut rates from 5% to 4.5%, Federal Reserve cut from 2% to 1.5% and ECB cut from 4.25% to 3.75%
  • The UK government has announced details of a rescue package that would see it put £50bn ($88bn) into banks to strengthen the financial system
  • ING Direct UK announced it was acquiring more than £3bn of deposits held by British savers with Icelandic-owned banks
  • The British government said all UK savers with accounts in the closed Icelandic internet bank Icesave would get all their money back.
  • Austria became the latest country to fully guarantee savers' deposits
Investors simply don't find incentives to buy stocks Kazuki MiyazawaDaiwa Securities SMBC Financial crisis at-a-glance: 8 Oct Investors simply don't find incentives to buy stocks Kazuki MiyazawaDaiwa Securities SMBC Financial crisis at-a-glance: 8 Oct class="" href="/1/hi/world/south_asia/7658899.stm">South Asian shares fall
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 earlier falls in Europe and Asia had followed a huge sell-off on Wall Street, which saw the Dow Jones index close Tuesday down more than 500 points.
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
Observers are anxiously waiting trading to begin on Wall Street - where US stocks hit their lowest levels in five years on Tuesday.
Tuesday was another grim day for New York Stock Exchange traders
The Dow Jones closed down more than 5% on Tuesday and it has lost nearly 13% of its value in its past five sessions.
President George W Bush has called for unified action to combat the world's financial crisis.
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.
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