Morning Briefing

After U.S. stocks took a bungee jump yesterday, the markets overseas were mixed as foreign governments took their own steps to address the financial crisis. In Australia, the central bank cut interest rates by one percent, the biggest rate cut in 16 years. The move seemed to bolster the hopes of investors that more rate cuts were to come in the United States and Europe. In Japan, the government took steps to begin some government works projects.

In Asia, Hong Kong's Hang Seng index fell nearly 5 percent and Japan's Nikkei index fell 3 percent.

In Europe, the picture was more mixed. A group of EU finance ministers is meeting today to figure out a more strategic way to address the credit crisis. Shares of Royal Bank of Scotland are down today, on rumors that the company asked the government for an injection of capital, the Financial Times reports. The DJ Stoxx index is up less than one percent, but the FTSE in London was down about the same amount.

Check back here for more updates on the economy and Washington throughout the day.

--Sara Goo

October 7, 2008; 7:21 AM ET  | Category:  business
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Are you better off than you were eight years ago?

GAS Prices January 19, 2001: $1.45/Gallon
GAS Prices October 6, 2008: $ 3.89/Gallon

DOW January 19, 2001: 10,587.59
DOW October 6, 2008: 9,955.50

NASDAQ Jan 19, 2001: 2770.38
NASDAQ October 6, 2008: 1862.96

CPI, January 19, 2001: 175
CPI, September, 2008: 315

Dollar exchange with Euro, Jan. 19, 2001: 1.068
Dollar exchange with Euro, October 6, 2008: .733

Are you better off than you were eight years ago?
Better yet, are you ready for another four years same as last eight?

Posted by: KaneMan | October 7, 2008 8:09 AM

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