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