oooh User ID: 282852 United States 08/15/2007 07:42 AM Report Abusive Post Report Copyright Violation | European Bank fails to reassure markets ECB chief fails to reassure marketsAug. 15, 2007 Renewed turmoil in global money markets sent stock prices falling around the world on Tuesday as traders ignored a declaration by Jean-Claude Trichet, European Central Bank president, that conditions were returning to normal. Traders were particularly alarmed by signs that the market for asset-backed commercial paper – which provides $1,500bn in short-term borrowings for big companies – was drying up. The anxieties were exacerbated by dismal pronouncements from a variety of financial companies. UBS, the giant Swiss bank, issued a profit warning. Sentinel, a little-known US money manager with $1.5bn in assets, told the Commodity Futures Trading Commission it would halt redemptions. Thornburg Mortgage, a US home lender that focuses on wealthy home buyers, delayed payment of its dividend, triggering a 47 per cent plunge in its share price. [ link to www.msnbc.msn.com] |
Anonymous Coward User ID: 274679 Netherlands 08/15/2007 07:44 AM Report Abusive Post Report Copyright Violation | Re: European Bank fails to reassure markets I wonder what the former ECB director Duisenberg would have done. He was a realist. |