This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7660568.stm

The article has changed 24 times. There is an RSS feed of changes available.

Version 18 Version 19
US stocks slide to five-year low US stocks slide to five-year low
(30 minutes later)
Stock markets have fallen again, erasing initial gains as edgy investors remained concerned that the financial crisis would lead to a world recession. US stocks fell for a seventh straight session, with the blue-chip Dow Jones index tumbling below 9,000 points for the first time in five years.
On Wall Street, the Dow Jones ended down 7.3% - tumbling below 9000 points for the first time since August 2003. Investors remained concerned that the financial crisis would lead to a world recession despite action by governments worldwide to stem the crisis.
European shares started the day in positive territory but finished lower with the FTSE 100 down 1.2% and France's Cac 40 down 1.55%. A year ago exactly, the Dow closed at a record high above 14,000 points.
Investors had earlier taken some comfort from Wednesday's rate cuts. Early gains in European shares faded, with the FTSE 100 ending down 1.2% and France's Cac 40 falling 1.55%.
A year ago exactly, the Dow closed at a record high above 14,000 points but on Wednesday it closed 678.91 lower at 8,579.19 - its seventh straight day of losses.
"A lot of people believe the bottom has been reached but that doesn't mean volatility hasn't gone away," said Howard Wheeldon, senior strategist at BGC Partners."A lot of people believe the bottom has been reached but that doesn't mean volatility hasn't gone away," said Howard Wheeldon, senior strategist at BGC Partners.
"The underlying fear is how much hell we have in terms of recession," he added. We've had a few false dawns over the past couple of months and it's too early to call a complete recovery, but there's hope that these measures will get some traction at some point Richard HunterHargreaves Lansdown stockbrokers class="" href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/3/498/0/default.stm">Check UK bank shares "The underlying fear is how much hell we have in terms of recession," he added.
We've had a few false dawns over the past couple of months and it's too early to call a complete recovery, but there's hope that these measures will get some traction at some point Richard HunterHargreaves Lansdown stockbrokers Check UK bank shares
More guaranteesMore guarantees
As the turbulent week continued, in other developments:
    class="bulletList">
  • US Treasury Secretary Henry Paulson is considering capital injections into troubled US banks, a White House spokeswoman said.
  • The oil producers cartel OPEC will hold an emergency meeting in Vienna on November 18 to discuss the impact of the financial crisis on oil prices, which fell below $87 a barrel.
  • The International Monetary Fund (IMF) has activated an emergency finance mechanism to help countries hit by the financial crisis.
  • The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity. However, longer-term lending rates rose to their highest this year.
  • The UK has condemned Iceland's handling of the collapse of its banks and its failure to guarantee British savers' deposits
As the turbulent week continued, other developments included:
    class="bulletList">
  • The Dutch government is preparing 20bn euros ($27.4bn) in funding to support financial institutions in the Netherlands during credit crisis.
    class="bulletList">
  • US Treasury Secretary Henry Paulson is considering capital injections into troubled US banks, a White House spokeswoman said.
  • The oil producers cartel OPEC will hold an emergency meeting in Vienna on November 18 to discuss the impact of the financial crisis on oil prices, which fell below $87 a barrel.
  • The International Monetary Fund (IMF) has activated an emergency finance mechanism to help countries hit by the financial crisis.
  • The British Bankers' Association said the interbank cost of borrowing overnight had fallen - a day after interest rate cuts and governments provided additional liquidity. However, longer-term lending rates rose to their highest this year.
  • The UK has condemned Iceland's handling of the collapse of its banks and its failure to guarantee British savers' deposits
'False dawns''False dawns'
Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.Seven central banks on Wednesday cut interest rates in an effort to steady the faltering global economy.
It came after the UK government's announcement of a package of measures aimed at rescuing the banking system.It came after the UK government's announcement of a package of measures aimed at rescuing the banking system.
This package makes available £400bn ($692bn) of fresh money.This package makes available £400bn ($692bn) of fresh money.
There was "an air of cautious optimism" that such measures would have some impact on the financial crisis, said Richard Hunter, head of UK equities at Hargreaves Lansdown stockbrokers. FTSE 100 INDEX: 9 October 2008*All Times GMTThere was "an air of cautious optimism" that such measures would have some impact on the financial crisis, said Richard Hunter, head of UK equities at Hargreaves Lansdown stockbrokers. FTSE 100 INDEX: 9 October 2008*All Times GMT
"Banking shares have been the main beneficiaries of the UK's rescue plan, and the interest rate cuts," he added."Banking shares have been the main beneficiaries of the UK's rescue plan, and the interest rate cuts," he added.
"We've had a few false dawns over the past couple of months and it's too early to call a complete recovery, but there's hope that these measures will get some traction at some point.""We've had a few false dawns over the past couple of months and it's too early to call a complete recovery, but there's hope that these measures will get some traction at some point."
Asian stock markets rose, though Japanese shares closed lower.Asian stock markets rose, though Japanese shares closed lower.