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European shares claw back losses European shares claw back losses
(30 minutes later)
European stock markets have clawed back some of their early losses following the news of co-ordinated cuts in interest rate. European stock markets have clawed back some of their early losses following the news of co-ordinated cuts in interest rates.
The Bank of England, the European Central Bank and the US Federal Reserve have all cut their key rates by 0.5%. The Bank of England, the European Central Bank (ECB), and the US Federal Reserve have all reduced their key rates by half a percentage point.
After the cut London's FTSE 100 index was down 0.7%, France's Cac 40 lost 2.0% as did Germany's Dax. After the cut London's FTSE 100 index was up 0.5%, France's Cac 40 was down 0.1%, and Germany's Dax was 0.9% lower.
All the indexes had been much lower earlier in the day as concerns grow about the state of global economies. All had earlier seen hefty losses due to growing global economic concern.
Earlier in Asia, Japan's Nikkei had closed down 9.4% at 9,203, its lowest close since June 2003. If we can get a good close today, I will be more optimistic Tom Hougaard, City Index class="" href="/1/hi/business/7658286.stm">Financial crisis at-a-glance: 8 Oct class="" href="/1/hi/world/south_asia/7658899.stm">South Asian shares fall
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%. The 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.
Some of the key developments on another day of market turbulence have included:
  • The Bank of England cut UK rates from 5% to 4.5%, the Federal Reserve reduced US rates from 2% to 1.5%, and ECB cut eurozone rates from 4.25% to 3.75%
  • The UK government has announced details of a rescue package that will see it put up to £50bn ($88bn) into banks to strengthen the financial system
  • ING Direct 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
"It's good to see the FTSE 100 being up on the day," said Tom Hougaard at City Index.
"If we can get a good close today, I will be more optimistic."
Earlier in Asia, Japan's Nikkei had closed down 9.4% at 9,203, its lowest finish since June 2003.
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 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 FTSE 100 INDEX: 8 October 2008
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 OctSouth Asian shares fall
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.
"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."
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