HSBC & Citigroup, Canary Wharf - by Christina 123 - Traders Rue the Worst Week in Finance in Years in World Economy

uploaded by Christina 123 September 5, 2008 at 01:50 pm
40 views | 0 comments | 0 recommendations

HSBC & Citigroup, Canary Wharf - by Christina 123 - Traders Rue the Worst Week in Finance in Years in World Economy by Christina 123

Sterling was heavily pounded this week, dropping to a low of US$1.7616 / GBP1 and with the euro at EURO 1.4240 / GBP1 compared to EURO 1.4325 on Thursday.

Bruno Paulson, senior analyst of Sanford Berstein predicts that house price crashes will be worse than the one in the 1990's.

living memory after the world's economies suffered further blows to cap their worst week in years.

First the euro and sterling fell heavily against the dollar on fresh fears that collapsing credit markets are thrusting Europe headlong into recession.

Then estate agents reported more gloom in the slumping UK housing market, warning that it could take three years to recover.

And now Wall Street traders are braced for a second day of heavy falls on the US stock markets after the country's unemployment rate leapt towards a five-year high.