lack-of-confidence-in-bailouts-sends-stocks-lower

Lack of confidence in bailouts sends stocks lower

Widespread rate cuts also imply that the global economy is slowing down, with negative implications for Asia's export-dependent markets.
October 12, 2008
The worldÆs financial leaders took another verbal stab at halting the escalating slide in global stockmarkets on Friday and over the weekend, but the initial response by the US markets show investors remain sceptical that it will have much effect. A couple of market participants noted that the comments made û especially about governments taking more direct control in their countriesÆ banks û are steps in the right direction, but lack concrete details.

The Dow Jones index fell close to 700 points intraday in the wake of a five-point programme outlined by the Group of Seven to alleviate the current crisis, but recovered to end 128 points, or 1.5%, down at 8,451 points. Even so,...
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