US financial stocks slumped to their lowest level since 1997 although UK stocks stabilised after the escalating global credit crisis forced the UK to announce the partial nationalisation of its banking system and the Fed announced it would start buying short-term debt from banks and corporations in an unprecedented attempt to unfreeze money markets. Asian stocks were supported Wednesday by Australia’s surprise interest rate cut on Tuesday of a full percentage point.
US markets (Tues)
DJIA down 508.39 at 9,447.11
Nasdaq down 108.08 at 1,754.88
S&P500 down 60.66 at 996.23
Asian markets (Weds)
05:24am BST
Nikkei down 581.23 at 9,574.67
Topix down 53.26 at 924.35
Hang Seng down 932.20 at 15,871.56
European markets (Tues)
FTSE100 up 16.03 at 4,605.22
Eurofirst 300 down 1.30 at 1,003.60
Currencies
05.22am BST
€/$ 1.3631 (1.3597)
$/Y 101.10 (103.24)
£/$ 1.7556 (1.7624)
Commodities (updated)
Brent Crude (Nov08) down $0.57 at $84.09
Light Crude (Nov08) down $0.42 at $89.64
3M Copper 24HR up $175.00 at $5,625.00
100 Oz Gold (Dec8) up $1.80 at $883.80
10-year government bond yields (%)
US 3.50 (3.52)
UK 4.23 (4.21)
Germany 3.73 (3.75)
Japan 1.41 (1.41)
Sources: FT, Reuters