Wall Street suffered its worst crisis since the Great Depression. Global credit markets are paralyzed, the pyramid of fictitious values of the homes had collapsed, unexpected purchases and redemptions are executed by private firms and governments. Politicians vie for the faults, the banks go bankrupt, bags anxiety, the media speculated every minute, people will look at the pockets. The financial crisis in the United States is a large spiral chaos drags into the global economy. The Ibex 35 closed higher Wednesday with a drop to 4.5 percent before the renewed weakness of the banks for fear of higher provisioning to deal with depreciation of assets and the concern to a sharp economic slowdown in United States and a scene of strong volatility.
The Ibex 35 fell 4.56 percent to 12,254.6 points after having reached a more depreciated 5.2 per cent to touch an intraday minimum of 12164.1 units.
In Europe, the Xetra DAX index of the Frankfurt Stock Exchange fell 4.88 percent and the CAC 40 index in Paris fell 4.25 percent. At the time of closure of European markets, the Dow Jones fell in about 1 percent.
Values banking Europe were swept by the wave of selling among persistent rumors about the credit crisis, pointing to provisions for depreciation of assets at Societe Generale.
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