Crisis Briefing - 22-Oct-08

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US shares and oil falls, but airline yields rise

The Dow Jones Industrial Average retreated 2.5% overnight, after Monday’s strong gains. Equity markets around the world are expected to remain highly volatile as the reporting season enters full swing. Much of the weakness in US equities related to reports of falling sales and gloomy outlook statements from leading US firms, heightening concerns about an extended economic downturn. The oil price tumbled 4.5% to USD70.89 per barrel in New York overnight, back near the 14-month low reached last week, as the US dollar strengthened.

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