Friday, October 10, 2008

Major Deveopments

* The British pound tumbled to a five-year low against the US dollar to trade at $1.6902 at one point, but recovered slightly later. It also fell against the euro to 1.245 euros
* Tokyo's shares plunged 24% during the week, double their weekly fall during the 1987 market crash
* Oil prices plummeted to a one-year low in European trading, with the price of Brent crude oil dropping to $77.2 a barrel at one stage.
* The three-month rate at which banks lend dollars to each other - known as Libor - has risen to 4.8%
* Moscow and Jakarta stock markets remain suspended because of excessive volatility
* The Vienna stock market fell 10% on re-opening after trading was suspended on Friday morning.

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