Forex News and Rumors for October 24th, 2008 – Afternoon Update

Global Recession Worries Drag Down World Stock Markets

All major indexes fell by more than 3 percent in a protracted sell-off on Friday.

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Gold and oil not immune from pessimistic outlook of investors – See also

IMF to Provide Iceland with $2.1 Billion Emergency Funding

In a move underscoring the depth of the global credit crisis, Iceland has asked the International Monetary Fund (IMF) for $2.1 billion in emergency funding to stabilize its financial system described as being on “the verge of collapse”.

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Russia Uses Reserves to Protect Rouble

Falling oil prices have hammered the Rouble which has had four straight losing weeks prompting the Russian government to spend nearly $6.5 billion in an attempt to prop up the ailing currency.

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