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SUNDAY, NOVEMBER 8, 2009
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European Markets Slide as US Rescue Talks Stall

The lack of resolution in Washington sends shudders around the globe

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(Newser) – European markets swooned on news of the US bailout troubles and the failure of Washington Mutual, the Wall Street Journal reports. The Dow Jones Stoxx 600 fell 1.5%, Germany’s DAX index slipped 1.4%, and the UK’s FTSE 100 and France’s CAC-40 each shed 1.3%. In Asia, Japan’s Nikkei index lost 0.9%.

Even as the Federal Reserve increased the amount it can inject into markets abroad to $290 billion, uncertainty about the US bailout unsettled markets. Dutch-Belgian finance house Fortis led the dive, dipping 14% amid rumors of liquidity problems. Financial stocks took the worst pounding as UK’s Lloyds fell 4%, Swiss bank UBS was down 3%, and French bank Natixis slumped 4%.

A pedestrian passes a display screen showing the FTSE financial index on a street in London, Tuesday, Sept. 23, 2008.
A pedestrian passes a display screen showing the FTSE financial index on a street in London, Tuesday, Sept. 23, 2008.   (AP Photo)
A stock trader is seen in front of the German Stock Index (DAX) display at the stock exchange in Frankfurt, Germany.
A stock trader is seen in front of the German Stock Index (DAX) display at the stock exchange in Frankfurt, Germany.   (AP Photo/Bernd Kammerer)
President Bush meets with congressional leaders, including the presidential nominees, in the Cabinet Room of the White House Thursday.
President Bush meets with congressional leaders, including the presidential nominees, in the Cabinet Room of the White House Thursday.   (AP Photo)
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Fears that the troubled assets recovery plan might be delayed or watered down . . . have exacerbated money-market tensions even beyond the extreme levels touched a week ago. - Marco Annunziata, Global Chief Economist at UniCredit in London

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