WORLD FINANCIAL MARKETS IN CRISIS
The Euro shot from 89 to 91 cents, oil rose three dollars a barrel, and European stocks were set back sharply. London’s FTSE Index closed down 5.72%, the CAC 40 in Paris dropped 7.39% and Frankfurt’s DAX fell 9.1%. These are astonishing drops for these exchanges, where a change of one or two percent marks a day of substantial change.
A Paris trader said, “People are selling massively.” Across Europe, airline and insurance stocks led the decline. Meanwhile, prices of oil company shares shot up. Gold rose $20 per ounce on the day.
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