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Rupee Near Record Low; Sensex Down 50%
Oct 08, 1:57 PM ET |
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| Rupee in Mumbai trading fell near five-year low and is likely to trade below record set in June of 2002. Rising trade and current account deficit and lack of interest from foreign investors has battered stocks and rupee. Sensex index dropped 3% and has lost nerly 50% from the peak in January. |
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Australia Index Drops 5%
Oct 08, 11:46 PM ET |
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| Stocks in Australia plummeted sharply on the weaknesses in the global economy as the International Monetary Fund forecasted that the losses on U.S. based loans and securities might rise to $1.4 trillion. The benchmark index in Australia dropped 5%. |
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Dow, S&P Down 5%; Nasdaq Drops 6%
Oct 07, 10:10 PM ET |
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| For the first time in the year all thirty stocks in Dow Jones Industrial Average dropped two days in a row. Record number of stocks in S&P 500 index closed down, 400 stocks fell more than 3% and 74 stocks fell more than 10%. The Fed acts to provide liquidity in short term loan market. |
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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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General Growth Drops 42%, AMR Plunges 25%
Oct 07, 11:32 PM ET |
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| Real estate investment trusts plunged on the worries that tight credit conditions may force some companies to bankruptcies. General Growth Properties dropped 42% and Simon Property fell 10%. Bank of America sank 26% after it cut its dividend. Airlines plunged on aircraft financing worries. |
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UK Mulls £30 Billion Bank Recapitalization
Oct 07, 10:12 PM ET |
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| UK stocks gained a fraction after dropping the most in a single day in the previous session in seven years. The UK government is at advanced stages of discussion to pump between £30 billion and £40 billion in three of its largest banks; Royal Bank of Scotland, Barclays and Lloyds TSB. |
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Yen 3-year High; Japan Stocks Fall 3%
Oct 07, 5:52 PM ET |
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| The Bank of Japan left its key lending rate at 0.5% and cautioned that commodities prices are likely to drop but inflation is expected to remain near 2.5%. Japanese yen edged lower but traded near three-year high against euro and dollar. |
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Record Weakness in Rupee, Nano in Gujarat
Oct 07, 12:49 PM ET |
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| Early rally in Mumbai trading faltered despite Sebi lifting the ban on P-note transactions and the RBI lowering cash reserves ratios by 0.5%. Tata Motors agreed to relocate its Nano manufacturing plant to Gujarat. Rupee dropped to another low. Infosys drops to a 2-year and TCS falls to 3-year lows. |
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RBA Lowers Rate to 6%
Oct 07, 3:22 PM ET |
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| The Reserve Bank of Australia lowered its key lending rate by 100 basis points to 6%. The larger than anticipated cut was prompted by tight lending conditions in the global markets. Stocks rallied on the rate decision. Mining and energy stocks rallied but gains were trimmed in late trading. |
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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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