The morning headlines are beginning to sound all too familiar, but here we go again: Another day in which governments have taken huge steps to prop up the financial system, another day in which the markets continue sharply south.
This morning, it's news from Europe that has that familiar ring. The Swiss National Bank announced it will take over $60 billion in risky securities held by UBS in an attempt to help the bank. The Swiss central bank made the same offer for Credit Suisse Group, but instead Credit Suisse has turned to Qatari Investment Authority for $8.8 billion in capital.
The markets in Europe are all down. The DJ Stoxx index is down 2.4 percent and London's FTSE is down 2.8 percent.
In Asia, the Nikkei is getting battered again, down 11.4 percent. In Japan, there are reports that Citigroup is going to delay the merger of two of its units there. In China, the DJ Shanghai index fell 5.2 percent and Hong Kong's Hang Seng fell 4.8 percent.
This morning, we're watching for news out later today on Citigroup earnings and the government's new figures on the consumer price index. Check back here for updates throughout the day on the financial crisis and the market.
Posted by: Beau James | October 16, 2008 8:54 AM | Report abuse
Posted by: Night Mayor | October 16, 2008 9:10 AM | Report abuse
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