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October 6, 2008 10:45:58 PM CDT

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World Markets Tumble, Dollar Hits New Low

Posted Jul 15, 08 7:32 AM CDT in World,  Business 

(Newser) – World stocks hit their lowest level since 2006 today as credit-market losses and weakening consumer confidence sent shares falling, reports Bloomberg. The big banks, from UBS in Europe to Cathay in Asia, led declines. The MSCI World Index, Morgan Stanley's indicator of global finance, has now slid into bear market territory, having lost 21% of its value since October.

Meanwhile the dollar fell to a record low against the euro, climbing back above $1.60. The dollar's recent recovery was erased as the woes of Fannie Mae and Freddie Mac led investors to bail. The greenback took a beating elsewhere: the pound went up above $2 for the first time since April, and in Tokyo the dollar fell below 105 yen.

Sources Bloomberg, Financial Times (UK)

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A broker at the stock exchange in Frankfurt, central Germany, watches trading Tuesday, July 15, 2008. European and Asian stock markets fell sharply Tuesday as investor confidence in the U.S. financial...   (AP Photo/Daniel Roland)
An investor reacts as she looks at the stock price monitor at a private security company Tuesday July 15, 2008, in Shanghai, China.   (AP Photo)
A woman walks by an electronic stock board in downtown Tokyo Tuesday, July 15, 2008 as Japanese shares fell sharply. The benchmark Nikkei 225 Stock Average lost 255.60 points, or 1.96 percent, at 12,754.56...   (AP Photo/Itsuo Inouye)
In this February 27, 2008 file photo, euro coins and dollar bills are seen in Frankfurt, central Germany. The U.S. dollar has been declining steadily for six years against other major currencies, undercutting...   (AP Photo/Michael Probst, File)
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US dollar  • Asian markets  • euro  • financial markets  • weak dollar  • European markets  • yen  • pound


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