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Business News Headlines to Jan 16 2008

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Markets News Afternoon: European markets recover following Fed rate cut; US markets down but rebound from opening plunges

US stocks plunged at the markets' openings on Tuesday after a global stocks' rout on fears of a US recession. However, losses were cut as financial stocks gained in response to an emergency cut in the federal funds rate.

The interest rate-setting Federal Open Market Committee (FOMC) of the US Federal Reserve today cut the federal funds rate by 0.75% to 3.50%, which compares with the European Central Bank's benchmark rate of 4%.

Today's cut was the biggest individual one since October 1984 and markets are expecting a further cut next week.

The Dow Industrial Average is down 16% from its October 2007 high and the Nasdaq Composite has fallen 20%.

Wall Street Journal Video Report

Video: Fed Slashes Rate

The Dow Jones Industrial Average had fallen more than 460 points at one point and has been recently down 149 points, or 1.23%, at 11951.

The Standard & Poor's 500 is off 1.39%, or 18 points, at 1307 while the Nasdaq Composite Index dropped 52, or 2.22%, to 2288.

Live US Market Indices

Earlier Tuesday, shares in Hong Kong lost 8.7%, while Japan's Nikkei 225 Index closed down 5.7%, its lowest level since September 2005. In Australia, the S&P/ASX 200 fell 7.1% - the largest daily percentage fall since 1989. Asia-Pacific - Key Benchmarks

The Dow Jones Stoxx 600 Index rose 2.47% recovering after Monday's plunge and national benchmarks rose in 15 of the 18 markets in Western Europe.

The UK's FTSE 100 rose 2.78% and France's CAC 40 gained 2.44% while  Germany's DAX Index gained 0.76% after an early morning plunge of more than 5%.

On Monday, the Stoxx 600 was down more than 20% from a 6 1/2-year high in June 2007 on worries about a US recession.

Swiss banking giant UBS stock rose 10.62% and BNP Paribas, France's largest bank by market value, rose 6.52%.

In Dublin, the ISEQ Index has risen 3.53%.

Ryanair is up over 10%; C&C is up 8.465: CRH by 5.61%; Anglo Irish Bak by 5.9%; BoI 3.89%;

For live currency updates, check the right-hand column of the Finfacts home page. 

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