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European Bank fails to reassure markets

 
oooh
User ID: 282852
United States
08/15/2007 07:42 AM
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European Bank fails to reassure markets
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]
Anonymous Coward
User ID: 274679
Netherlands
08/15/2007 07:44 AM
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Re: European Bank fails to reassure markets
I wonder what the former ECB director Duisenberg would have done. He was a realist.





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