Wednesday, July 16, 2008

Global stocks dive on scepticism over US mortgage rescues

LONDON (AFP) - World equity markets and the dollar fell heavily on Tuesday on scepticism that a dramatic weekend US government rescue of two mortgage giants would contain crisis in American finance.

European equities sank after more steep losses on Wall Street and in Asia, despite an exceptional US rescue on Sunday to increase...

"Asian equities slumped following disclosures by many banks of bond holdings in US agencies, with financials leading the move lower.


"Concerns in the US as to whether more banks are going to collapse has added to the market malaise which...

The dollar, meanwhile, plummeted to a fresh historic low against the European single currency. A strong euro, which hit a record high 1.6038 dollars, makes eurozone exports more expensive for importers paying in dollars.


Major banks were hit by worries about their exposure to debt securities issued by Fannie Mae and Freddie Mac...
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Global stocks dive on scepticism over US mortgage rescues (AFP)

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