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16/08/2007
Loan Worries Cause Stock Market Falls
Stock markets have experienced further falls as concerns persist over the effects of lending to high risk creditors.
The Dublin ISEQ dropped 300 points to shed 3% of its value. While the London FTSE 100 has plummeted below 6,000 as just over 2% was shed from market share values in early day trading.
In trading yesterday, Wall Street saw falls of almost 1.3%, the Nikkei in Japan closed down just under 2% and Germany's DAX-30 dipped almost 2%. Among the largest fall was Hong Kong where 3.3% was wiped off share values.
The Dow Jones close yesterday was below 13,000, the first time since April that the US market has dipped below this figure this year.
The money markets have been nervous since reports emerged over the state of sub-prime lending to higher risk individuals with credit history problems.
Rising interest rates have led to borrowers defaulting on loans as they are unable to afford the higher repayments. There is continuing concerns in the money markets over investment funds that are exposed due to heavy involvement in this sector.
Central banks have stepped in with massive injections of cash, but this appears to have done little to allay the market concerns over credit lending and restore investor confidence.
(SP)
The Dublin ISEQ dropped 300 points to shed 3% of its value. While the London FTSE 100 has plummeted below 6,000 as just over 2% was shed from market share values in early day trading.
In trading yesterday, Wall Street saw falls of almost 1.3%, the Nikkei in Japan closed down just under 2% and Germany's DAX-30 dipped almost 2%. Among the largest fall was Hong Kong where 3.3% was wiped off share values.
The Dow Jones close yesterday was below 13,000, the first time since April that the US market has dipped below this figure this year.
The money markets have been nervous since reports emerged over the state of sub-prime lending to higher risk individuals with credit history problems.
Rising interest rates have led to borrowers defaulting on loans as they are unable to afford the higher repayments. There is continuing concerns in the money markets over investment funds that are exposed due to heavy involvement in this sector.
Central banks have stepped in with massive injections of cash, but this appears to have done little to allay the market concerns over credit lending and restore investor confidence.
(SP)
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Ireland WeatherThis Evening and Tonight:Dry with clear periods at first, then mist and low cloud developing in many areas during the night. Light north to northwest winds freshening overnight around the coasts. Minimum temperature 11 °C.
