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Subject European Bank fails to reassure markets
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Original Message ECB chief fails to reassure markets
Aug. 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]
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