[NYTr] 100 Billion Dollar Brains, but Can They Save the Markets? Channel 4 News, UK)

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100 billion dollar brains - but can they save the markets?


Fresh from injecting 60 billion pounds into the financial markets
yesterday, the European Central Bank has followed up today with a
further 40 billion. That's more than 100 billion in 24 hours, hence the
awful pun.

Across the world, other central banks are opening their vaults to do
likewise. But still markets are falling. Tonight, what the central
banks trying to achieve? Why are people so spooked by the collapse of
some US mortgage lenders? Will this massive intervention work? 

Read more here: http://tinyurl.com/2573h4

Independent Television News - Aug 10, 2007

FTSE freefall continues over credit fears

Source: ITN

Billions have been wiped off the London stockmarket over continued
fears about the health of world credit markets.

Earlier, the benchmark FTSE 100 Index lost more than 3 per cent of its
value - equivalent to £50 billion - as the fallout from the US
sub-prime mortgage continued to bite.

By 3.15pm, the index had recovered to 6,112.10 having dropped to an
intra-day low of 6041.5, a 229.7 points drop, after the European
Central Bank pumped emergency cash into money markets and French bank
BNP Paribas froze three funds.

The fall had accelerated during the session as traders tipped the Dow
Jones Industrial Average to open lower, following a drop of nearly 400
points on Thursday night.

Prior to opening on Friday, the Fed injected $19 billion (£4.45bn) into
the US banking system to calm markets but the Dow immediately shed 100
points on opening.

By mid-morning the US index was 108.20 points down at 13,162.48 as
shares in financial companies were sold off, including Goldman Sachs
Group, whose stock fell more than 2 per cent.

Shares of industrial conglomerates also fell, with plane maker Boeing
down 3.1 per cent and diversified manufacturer General Electric Co 1.7
per cent off.

In London, financial stocks also dominated the fallers board, with
Barclays falling 6 per cent, or 43.5p to 638p, Asian-facing bank
Standard Chartered off 102p to 1558p and Royal Bank of Scotland 37p
lower at 547.5p.

Man Group toppled 9 per cent, or 47p to 480p, after it suspended the
listing of two hedge funds on the US stock market yesterday.

Only three stocks were in positive territory, while broadcaster ITV was
flat at 107.5p as sentiment remained strong after interim results on
Wednesday.

© Independent Television News Limited 2007. All rights reserved.