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Newsnight On The Market Slump

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From the Newsnight web page:

Markets from New York to Tokyo have recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend. In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering. London's FTSE 100 index was down 2.7%. The Bank of England today made an extra £5bn available for UK banks to borrow to ease credit fears. The money was five times over-subscribed.

Meanwhile, on the markets, US, UK and European banks were hammered; Lehman Brothers fell 30%, UBS lost 13%, HBOS 10% and Commerzbank fell 7.9%. Investors are worried that the collapse of Bear Stearns, one of Wall Street's biggest names, is a sign that the credit crunch is getting worse and lending might seize up.

The BBC's Economic Correspondent Hugh Pym will assess how big the problem is and what the potential market solutions are. We'll also be looking at the impact on the UK economy. And Stephanie Flanders will join us live from New York to give us the latest on the fallout in the US.

I saw a trailer for this a little while ago in which Jeremy Paxman was saying something along the lines of "Why should the financial health of this country be determined by a few neurotic traders?". Could be entertaining.

Edited by Scunnered

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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