Global stock markets in melting spree

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Taipei and Singapore were also sharply down, and the pattern was repeated in Australia and New Zealand, although the falls were smaller.Australia,Japan and India has pumped in cash in stock market to give little support.

US fiscal system appears to be on its worse and more than 38 billions dollar Federal aid is being sought to revive and restructure the stock

The blue chip Dow Jones industrial average suffered worst loss since Sept 11, 2001 terrorist attacks and plummeted more than 500 points.Financial markets across the world were rattled by the sale of Merrill Lynch on Sunday and Lehman Brothers Holding declaring bankruptcy on Monday and subsequent decision taken by the government against bailing out the failing financial institutions.

Adding to the turmoil was insurance giant American International Group (AIG) trying to arrange bridge loan of 40 billion dollar to tide over the difficult period and approaching the Federal government and the New York State.

Asian market and Euro stock market felt its effect and world stock market tumbled with bears hammering the blue chips with ease.

Housing market remained sluggish and most of the unsold houses made the mortgage market plung thus the fiscal institutions investors had tough time.
However the oil price receding may give some confidence to the stock markets but will take months to recover.Elections in US,UK will keep the business at low ebb and Indo US nuke deal is silver linning in hour of global recession,likely to be through by US congress in converging session.