Bank of England Exceeds Rate Cut Expectations
The Bank of England exceeded all expectations by slashing interest rates by a percent and a half. This brings the lending rate to 3.0 percent – its lowest since 1955. More
Eurozone rates lowered to 3.25%
The bank has reduced rates by half a percentage point from 3.75% amid increasing signs of slowing growth. ECB president Jean-Claude Trichet said “exceptional challenges” lie ahead and inflation rates were set to go down. More
Euro Falls Against Dollar After Rate Cut Announcement
The euro weakened against the dollar in the aftermath of the European Central Bank announcing a fifty point cut in interest rates. ECB President Jean-Claude Trichet explained the cut was necessary in order to stimulate growth. More
Unwinding of Carry Trades Will Force Yen to Rise
Analysts predict that the Bank of Japan will be unable to prevent the appreciation of the yen as investors unwind carry trades. More
Economy worries push stocks lower
In Europe, indexes had been down more than 4% before both the European Central Bank and the Bank of England announced interest rate cuts. After the announcements UK’s FTSE 100 index, Germany’s Dax and France’s Cac 40 cut their losses to less than 2%. More
Asian Markets Retreat Sharply, and Europe Is Down
Asian stock markets retreated broadly on Thursday as investors shrugged off the excitement of Tuesday’s American presidential election, and European equities followed them lower despite another
round of interest rate cuts in Britain and the euro zone. Shares on Wall Street are expected to open lower after all three major exchanges fell more than 5 percent Wednesday.
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