Overseas Markets Mixed
European stocks lifted this morning, the day after the U.S. Senate voted in favor of the $700 billion bill to rescue the U.S. financial system. The DJ Stoxx index rose 1.5 percent in morning trading, but in Asia the picture was more mixed. Hong Kong's Hang Seng index was up one percent, but Japan's Nikkei average continued to drop another 1.8 percent, perhaps due to yesterday's dismal report from automakers. Even Toyota's September sales were down 32 percent.
Despite the huge bailout package, which goes to the House tomorrow for a vote, will the U.S. economy need more help to get back on its feet? Today, The Post's Neil Irwin writes about the likelihood of a Fed interest rate cut. Meanwhile, the teetering financial system has even regular depositors nervous. Post reporter Nancy Trejos finds many bank customers are withdrawing funds and looking for a safe place to put their cash.
--Sara Goo
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Sara Goo
|
October 2, 2008; 7:03 AM ET
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Posted by: Mike | October 2, 1908 1:32 PM | Report abuse
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You didn't really touch on the Trichet issues here; the Euro just hit a year low based on his comments.
here's an article on how global interest rates could be cut soon, working together to get the economy out of this downer.
http://www.greenfaucet.com/economy/euro-hits-one-year-low-on-trichets-comments/57380
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