Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Muhammadu Buhari sworn in as President

Read more

EYE ON AFRICA

South african government denies FIFA was paid world cup bribe

Read more

MEDIAWATCH

Sepp Blatter strikes back

Read more

FRANCE IN FOCUS

Pantheon: Acknowledging France's great men and women

Read more

#TECH 24

One heart, one tree: An app that bridges tech and the environment

Read more

FOCUS

Immigration, an American paradox

Read more

REPORTERS

Video - Abu Azrael: ‘Iraq’s Rambo’

Read more

#THE 51%

Brave women of history: French Resistance Heroines inducted into Pantheon

Read more

Markets trim losses after global rate cuts

Latest update : 2008-10-08

Coordinated interest rate cuts from central banks across the world helped stock markets trim deep losses on Wednesday, but failed to erase the downward trend. Nevertheless, Wall Street looked set for a positive start.

LONDON, Oct 8 (Reuters) - Stock markets trimmed deep losses on Wednesday after coordinated interest rate cuts from central banks across the world and Wall Street looked set for a postive start.

Cuts from the U.S. Federal Reserve, European Central Bank, Bank of England and People's Bank of China, among others, were designed to inject confidence into markets reeling from the worst financial crisis in nearly 80 years.

The moves helped pare back the steep losses that were sweeping the world earlier, but failed to erase the downward trend.

MSCI's benchmark world index was down 2 percent compared with losses of 2.9 percent when the cuts were announced.

The pan-European FTSEurofirst 300 was down 1.4 percent some 10 minutes after the move compared with losses of around 3.8 percent beforehand.

Date created : 2008-10-08

COMMENT(S)