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In New York Monday, the fourth bailout of giant insurer AIG, since last September, sent stocks sliding to new 12-year lows.
The Dow Jones Industrial Average has fallen 214 points or 3% to 6,849, its lowest trading level since early 1997.
The S&P 500 is down 3.44% and the Nasdaq Composite is off 2.67%.
AIG reported a $62 billion fourth-quarter loss, the biggest in US. In the full year 2008, AIG lost $99 billion after reporting a profit of $9.3 billion in 2007.
US agrees new rescue plan for insurance giant AIG; Insurer reports $61.7 billion Q4 2008r loss - - the biggest in US corporate history
US manufacturing sector contracted in February for the 13th consecutive month
Live US Indices
Eastern European stocks fell to the lowest in 5-1/2 years Monday after a summit of EU leaders on Sunday rejected a proposal from Hungary for a €180 billion bailout of former colonies of the Soviet Union in Europe.
HSBC Bank's announcement, that it would seek to raise £12.5 billion in the UK’s biggest rights offering and cut 6,100 jobs, sent the share price plunging 19% to 397.50 in London - - the biggest fall since July 1992.
The Pan-European Dow Jones Stoxx 600 is down 4.4% and all the open 17 Western European markets, have fallen sharply.
The FTSE 100 is down 5% as is the SMI Index in Zurich. Paris and Frankfurt have fallen more than 3%.
The Warsaw WSE Wig Index is up 0.36% and the markets of the 3 Baltic republics, are all down.
Manufacturing data today was invariably grim:
Irish Manufacturing February 2009: Pace of deterioration in business conditions accelerated sharply
Recession in UK manufacturing deepened In February as output and employment fall at survey record rates
Final PMI data confirm rate of deterioration of Eurozone’s manufacturing economy continued to gather pace in February
In Dublin, the ISEQ Index is down 4%.
AIB is up almost 7%, following publication of its 2008 results today.
IL&P has risen 17% to 74 cent and BoI is up 2.6%.
Elan is down 12% and CRH has dipped 5%.
European Benchmarks
Irish Share Prices
Euribor Rates
Oil
On the New York Mercantile Exchange, oil for April delivery is trading at $41.95 down $2.91 from Friday's close. In London, Brent crude for April delivery is trading at $42.60 a barrel down $3.75.
Currencies
The euro is trading at $1.2594 and at £0.8989.
For live currency updates, check the right-hand column of the Finfacts home page.
The dollar traded at a record low $1.6038 per euro on July 15th.
