Crisis Briefing - 14-Oct-08
Equities bounce, bank lending deep freeze thaws (a bit)
The Dow Jones Industrial Average enjoyed its biggest one-day point gain ever on 13-Oct-08, while markets in Europe, including France, also enjoyed record gains, with several double-digit percentage point gains, in a wave of panic buying. The vastly improved sentiment from last week has helped to put a thaw into inter-bank lending rates – but not enough to declare the problems are now behind us. A string of very positive economic and corporate news is required to sustain any upward trend. Still, it is good to see a positive day, even if oil prices rallied with the general market sentiment, taking the shine off for airlines.
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