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Dow, S&P Down 5%; Nasdaq Drop 6%
Oct 07, 6:11 PM ET |
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| For the first time in the year all thirty stocks in Dow Jones Industrial Average dropped two days in a row. Record number of stocks in S&P 500 index closed down, 400 stocks fell more than 3% and 74 stocks fell more than 10% in the index. The Fed acts to provide liquidity in short term loan market. |
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UK Plans £30 Billion Bank Recapitalization
Oct 07, 6:12 PM ET |
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| UK stocks gained a fraction after dropping the most in a single day in seven years. UK government is at advanced stages of discussion to pump between 30 billion and 40 billion pounds in three of its largest banks, Royal Bank of Scotland, Barclays and Lloyds TSB. |
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RBA Lowers Rate to 6%
Oct 07, 3:22 PM ET |
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| The Reserve Bank of Australia lowered its key lending rate by 100 basis points to 6%. The larger than anticipated cut was prompted by tight lending conditions in the global markets. Stocks rallied on the rate decision. Mining and energy stocks rallied but gains were trimmed in late trading. |
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Record Weakness in Rupee, Nano in Gujarat
Oct 07, 12:49 PM ET |
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| Early rally in Mumbai trading faltered despite Sebi lifting the ban on P-note transactions and the RBI lowering cash reserves ratios by 0.5%. Tata Motors agreed to relocate its Nano manufacturing plant to Gujarat. Rupee dropped to another low. Infosys drops to a 2-year and TCS falls to 3-year lows. |
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Yen 3-year High; Japan Stocks Fall 3%
Oct 07, 5:52 PM ET |
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| The Bank of Japan left its key lending rate at 0.5% and cautioned that commodities prices are likely to drop but inflation is expected to remain near 2.5%. Japanese yen edged lower but traded near three-year high against euro and dollar. |
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Fed, Lender in Commercial Paper Market
Oct 07, 10:21 AM ET |
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| The Fed set up a special fund to purchase high quality short term loans in the commercial paper market. The move is likely to improve liquidity and restore confidence in the short term loan market that has faced historic volatility and near seizure in the last few weeks. |
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Shanghai, Hong Kong Drop 5%
Oct 06, 10:27 AM ET |
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| Hong Kong and China stocks fell as bank crisis extends to Europe from the U.S. Germany was forced to bailout second largest real estate lender. stocks in China fell on the worries that exports from the region will fall. Hong Kong and Shanghai fell 5%. Casino and shipping stocks plunge. |
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Australia Falls on Weak Commodities
Oct 06, 7:27 AM ET |
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| Worries of developed nations economy sliding into a recession and dragging economies of China and India unnerved Australian investors. Exports of commmodities may fall on the weakening economies of Asia. Financials,energy and miners dropped. |
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Yen Surges; Financials Drag Japan Lower
Oct 06, 6:49 AM ET |
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| Stocks in Japan fell sharply after the banking crisis in Europe deepened and Germany was forced to bailout second largest real estate lender. Fearful investors worried that exports from Japan are likely to fall as credit market tighten in the U.S. and Europe. Commodities stocks fell. |
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Rupee 5-year Low, Sensex Falls 6%
Oct 06, 6:25 AM ET |
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| The Reserve Bank of India relaxed cash reserve ratio to pump liquidity in the financial system. Stocks fell to two-year low as the benchmark index declines 42% for the year. Rupee dropped to a 5-year low after international investors withdraw money from the market. Reliance drops 6%. |
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