Another day another story across the Globe..
The FTSE 100 Index
The Financial Times Stock Exchange 100; offers up-to-the-minute indications of market performance; also known as The Footsie.
The FTSE falls 391.1points to close the day on 4,589.2 points.
According to a report this fall in points means that nearly £100bn has been taken off the value of the index’s shares. How in such a day can £100bn can just be lost. Its incredible, that money that you can only dream of, or even think to write the amount of zeros that just be gone in one day.
The Chancellor Alastair Darling again said the british government would do anything in its power to ensure the financial system to become stable. Perhaps by using even more tax payers money? Should this be right?
Even in the United States (New York) The New York Stock Exchange fell 370 points to end at just below 10, 000 points, this is the lowest point since 2004.
Both of these falls in the markets are down to the events that have happened recently, the German bank rescue plan (talked about in a previous post), and the other events that are ongoing around the globe.
A quote :
“The Bank of England meets this week to decide on interest rate policy.
Many economists expect a cut from the current rate of 5%.”
My Next post will probably discuss into detail what this proposed strategy will be.