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Bbc: Global Markets Suffer Fresh Falls

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He falls down the side, and occasionally manages to get a small purchase with his icepick. He begins to feel that he can start to reclimb the mountain...only to tumble ever closer to the chasm.

This will unwind in fits and starts....but once she rolls, they'll be tits-up and farts aplenty.

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http://news.bbc.co.uk/1/hi/business/6967575.stm

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Global markets suffer fresh falls

Wall Street traders

Traders have been worried about the state of the big banks

Global markets are in the red again, following the lead set by Wall Street.

The Dow Jones opened sharply lower and at 1400 local time (1900 BST) it was down 150.5 points or 1.1% at 13,171.7.

Many of the biggest fallers were in the financial sector after Merrill Lynch told clients not to buy shares in Bear Stearns, Lehman Brothers and Citigroup.

The downgrades came the day after Goldman Sachs cut its forecasts for the earnings of Bear Stearns, Lehman Brothers and Morgan Stanley.

Shares in US bank State Street fell on newspaper reports that the money manager is exposed to the sorts of debt that have been causing problems in recent weeks.

The Times said that State Street has the highest exposure to a particular type of package of retail and commercial loan of any bank.

Wall Street's weak opening had an impact on European shares, which were still trading.

The FTSE 100 fell 1.9% or 117.9 points to close at 6,102.2, ending a six day winning streak.

In Paris, the Cac 40 fell 2.1% or 116.4 points to close at 5,474.2.

Global markets suffer fresh falls

Wall Street traders

Traders have been worried about the state of the big banks

Global markets are in the red again, following the lead set by Wall Street.

The Dow Jones opened sharply lower and at 1400 local time (1900 BST) it was down 150.5 points or 1.1% at 13,171.7.

Many of the biggest fallers were in the financial sector after Merrill Lynch told clients not to buy shares in Bear Stearns, Lehman Brothers and Citigroup.

The downgrades came the day after Goldman Sachs cut its forecasts for the earnings of Bear Stearns, Lehman Brothers and Morgan Stanley.

Shares in US bank State Street fell on newspaper reports that the money manager is exposed to the sorts of debt that have been causing problems in recent weeks.

The Times said that State Street has the highest exposure to a particular type of package of retail and commercial loan of any bank.

Wall Street's weak opening had an impact on European shares, which were still trading.

The FTSE 100 fell 1.9% or 117.9 points to close at 6,102.2, ending a six day winning streak.

In Paris, the Cac 40 fell 2.1% or 116.4 points to close at 5,474.2.

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