Crisis Hits Another Wall Street Icon
Investment bank Morgan Stanley frantically searches for operating capital while fending off the short-sellers as the U.S. Federal Reserve’s rescue effort fails to calm jittery investors.
Central Banks Announce Unified Plan to Combat Growing Financial Crisis
In addition to the U.S. Federal Reserve’s pledge to provide additional funding to the overnight markets, the European Central Bank, the Bank of Japan, the Bank of England, and the Bank of Canada released a joint statement confirming that they would “continue to work closely together and will take appropriate steps to address the ongoing pressures.â€Â
Dollar Falls with Increased Supply
The dollar lost ground to the euro overnight in response to an increase in the money supply provided by the Fed’s recent cash injections and a pledge by the other leading central banks to work together to ease the credit crisis.
Commodities Rebounding
In response to the uncertainty of the financial markets, investor money is flowing back into the commodities with gold and oil leading the way.
Bank of China Buys Stake in Rothschild Unit for $342 Million
Valued at a 20% of La Compagnie Financiere Edmond De Rothschild Banque, the Bank of China will invest 236 million euros as the Bank seeks investments in Europe and other emerging markets.
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