Coordinated action fails to stabilise markets
Monday 27th October 2008, 8:45AM GMT.
World markets tumbled on Monday as central and international efforts to stabilise the global economy were thwarted once again.
Japan’s Nikkei led the falls in Asia as it slumped 6.36 per cent to its lowest level for more than 25 years.
The falls prompted the country’s central bank to cut interest rates, a move mirrored in South Korea, as markets in Hong Kong, China and Singapore all fell.
In London the FTSE 100 leading share index opened down almost five per cent as Gordon Brown prepared to defend his policy of increased borrowing and spending until the economy recovers.
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