Monday, October 6, 2008
the financial rescue plan failed to restore much-needed confidence
The approval of the $700bn US rescue plan failed to ease fears in Asia over the American economy and the global financial crisis. The FTSE index of leading shares dived by five per cent shortly after the start of trading this morning, following sharp losses across Asian equity markets on growing concerns over the global financial crisis. Approval by the US House of Representatives on Friday for the financial rescue plan failed to restore much-needed confidence with investors now anxious as to how it will be implemented.