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Fed, Lender in Commercial Paper Market
Oct 07, 10:21 AM ET |
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| The Fed set up a special fund to purchase high quality short term loans in the commercial paper market. The move is likely to improve liquidity and restore confidence in the short term loan market that has faced historic volatility and near seizure in the last few weeks. |
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Dow, Nasdaq Recover from 8% Loss
Oct 06, 7:13 PM ET |
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| The U.S. benchmark indexes plunge 8% at their lowest before recovering to 3.6% loss. Interbank and short term lending rates remain elevated. The crisis of confidence hit retailers, financials and mining stocks the hardest. European markets dive 7% and emerging markets decline between 4% and 19%. |
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Confidence Crisis in Stocks; Oil at $88
Oct 06, 1:39 AM ET |
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| The Dow Jones index dropped below 10,000 for the first time since October 2004. Nasdaq and S&P declined nearly 5%. Benchmark indexes in Russia, Brazil, Mexico and Indonesia plunged more than 10%. European markets closed down 5%. Metals and mining companies in New York dropped between 10% and 15%. |
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UK: Largest One-day Loss in 7 Years
Oct 07, 1:46 AM ET |
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| Stocks nosedive in London trading. The UK benchmark index drops the most in one-day in last seven years. Mining, financials and energy related stocks declined between 10% and 15%. The Bank of England plans to offer £40 billion. Royal Bank of Scotland drops 21% and Xstrata dive 19%. |
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Allianz Stake in Hartford, ArcelorMittal Plunges
Oct 07, 1:44 AM ET |
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| Hartford Financial receives capital infusion from Allianz SE. MetLife, Prduential and Principal Financial Group dive. Metals and mining companies fall sharply. American Express, Visa and MasterCard drop. eBay cuts 1,600 staff and takes a charge. Gannett Drops to a new low. |
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German Bailout of Hypo; Growing European Crisis
Oct 06, 2:45 AM ET |
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| European leaders struggle to formulate a regional response to a growing banking crisis. Germany was forced to bailout the second largest real estate lender Hypo Real Estate Holding. Unicredit in Italy offered 6.6 billion euro recapitalization plan. Fortis was seized in Holland. |
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Yen Surges; Financials Drag Japan Lower
Oct 06, 6:49 AM ET |
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| Stocks in Japan fell sharply after the banking crisis in Europe deepened and Germany was forced to bailout second largest real estate lender. Fearful investors worried that exports from Japan are likely to fall as credit market tighten in the U.S. and Europe. Commodities stocks fell. |
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Emerging Markets Dive; Russia Plunges 19%
Oct 06, 10:27 AM ET |
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| The emerging markets plunge around the world as the deepening banking crisis spreads to Europe. Markets in Russia plunge 19% and in Indonesia and Brazil dive 10%, Saudi Arabia sank 9.8%, Turkey and Canda drop 7%. Most markets in Europe are down 5% and three popular indexes in the U.S. are 4% lower. |
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Rupee 5-year Low, Sensex Falls 6%
Oct 06, 6:25 AM ET |
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| The Reserve Bank of India relaxed cash reserve ratio to pump liquidity in the financial system. Stocks fell to two-year low as the benchmark index declines 42% for the year. Rupee dropped to a 5-year low after international investors withdraw money from the market. Reliance drops 6%. |
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Australia Falls on Weak Commodities
Oct 06, 7:27 AM ET |
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| Worries of developed nations economy sliding into a recession and dragging economies of China and India unnerved Australian investors. Exports of commmodities may fall on the weakening economies of Asia. Financials,energy and miners dropped. |
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