Wall Street's Dow Jones Industrial Average fell as much as 800 points to trade below the 10,000 mark Monday as nervousness over the credit crisis spread after the US government's 700 billion USD bailout and interventions in Europe only seemed to add to investor anxiety.
Asian stock markets early Tuesday opened down sharply amid investor panic that global government action might not be enough to stem the financial crisis.
Faced with worst economic and financial market crisis since 1929, Federal Reserve Chairman Ben Bernanke on Tuesday sent a strong signal that officials may lower interest rates against a backdrop of waning price pressures.
The Chilean economy experienced an unexpected trade deficit in September, the first negative month in six years according to the latest release from the Central Bank. The misbalance was 318 million US dollars; a year ago it was a surplus of 1.37 billion US dollars.
Australia's central bank surprised financial market by cutting its key interest rate a full percentage point from 7% to 6%. The bank said the sharp cut was justified given the prospects for growth, even though inflation is currently above target.
Neel Kashkari, 35, a United States Assistant Secretary of the Treasury, was named on Tuesday interim head of the Office of Financial Stability by US Treasury Secretary Henry Paulson. The office will run the 700 billion US dollars financial bailout program signed into law Friday.
British government attempts to tackle rising energy bills were accused of being in meltdown as the latest figures showed a million more households slipped into fuel poverty in 2006.
Germany offered a blanket bank deposit guarantee on Sunday in a bid to contain the spreading credit crisis as European officials clinched deals to rescue Germany's Hypo Real Estate and recapitalize two other European banks.
The world's poor and uprooted people are increasingly at risk as the world struggles with a combination of adverse economic, social and political trends that threaten to trigger even greater displacement in the future, the top United Nations refugee official warned on Monday.
The owner of Britain's Chelsea football club, Roman Abramovich, is having a new £200m mega-yacht built, complete with a missile detection system to protect him against pirates and terrorists, reports The Times.