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SUNDAY, NOVEMBER 22, 2009
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Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound

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(Newser) – Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile the dollar soared to $1.62 against the pound—a 5-year high—and hit new levels against the euro.

The FTSE 100 index of leading British shares fell 3.5 percent in the first half hour of trading Thursday on the London Stock Exchange because of fears of a global recession.
The FTSE 100 index of leading British shares fell 3.5 percent in the first half hour of trading Thursday on the London Stock Exchange because of fears of a global recession.   (AP Photo/Sang Tan)
Protesters outside the Bank Of England during a demonstration in central London's City financial district, Friday Oct. 10, 2008.
Protesters outside the Bank Of England during a demonstration in central London's City financial district, Friday Oct. 10, 2008.   (AP Photo/Lefteris Pitarakis)
Passers-by walk past an electronic stock board in downtown Tokyo Wednesday, Oct. 22, 2008. The benchmark Nikkei 225 stock average dropped 265.18 points to close at 9,041.07 in the morning session.
Passers-by walk past an electronic stock board in downtown Tokyo Wednesday, Oct. 22, 2008. The benchmark Nikkei 225 stock average dropped 265.18 points to close at 9,041.07 in the morning session.   (AP Photo/Itsuo Inouye)
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