Wednesday, August 01, 2007

world stocks in meltdown over US economy fears

world stocks in meltdown over US economy fearsfrom afp: European and Asian stock markets sank on Wednesday, mirroring losses the previous day in New York, on mounting fears that weakness in the US housing sector could infect the world economy.

However, the major European stock markets wiped out some of their losses of earlier in the day, amid a mixed opening on Wall Street...

The yen meanwhile hit a four-month high against the dollar and oil passed an all-time peak in New York as investors exited risky investments and turned to safe-havens, dealers said.

Across the Atlantic US shares traded mixed in morning deals in a choppy session following the prior day's selloff as investors worried about contagion from credit problems linked to the ailing US housing sector...

"There is this worry now that the ease with which lending has taken place and the ease with which there has been access to borrowing to finance the global economy is being unwound."

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