Yesterday, the FTSE closed down 7.16 and New York hit an all time low since 1987. Today, Asian shares nose-dive causing pandemonium.
The FTSE reverted back to heavy losses yesterday, after posting big gains over the first two days of the week. It closed down 7.16 percent, but still remained above the psychological 4,000 mark.
In New York, the Dow Jones saw its worst one-day fall since October 1987, closing 7.87 percent lower.
Asian shares also fell heavily this morning, with Japan’s Nikkei down around 10 percent, and Hong Kong’s Hang Seng losing over 7 percent. Crude oil prices fell to reach a 13-month low of $73/bbl.
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Investors are starting to turn their attention from crisis in the financial markets to the upcoming impacts on the real economy. European leaders yesterday united behind calls by Gordon Brown for a ‘Breton Woods II’ summit of global leaders.
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