US consumer confidence plummeted to its lowest level on record this month, as the deepening of the financial crisis made Americans suddenly much more pessimistic about their current situation and prospects. House prices showed an annual drop of 16.6% in August
Financial Services Authority says 11,054 homes were repossessed in the three months to the end of June, while Land Registry figures show house prices fell by an annualised 8% in September
The Bank of England estimates the credit crunch has caused global losses of £1.8 trillion and warns about negative equity.
Iceland’s central bank raises its key interest rate to 18% from 12% as the country battles against financial collapse.
Volkswagen briefly became the world’s largest company by market capitalisation as panic-buying by hedge funds desperate to cover losses caused its value to shoot up by up to €150bn
Iceland’s central bank hiked interest rates from 12 per cent to 18 per cent in one of the first indications of the dramatic impact a $6bn International Monetary Fund-led rescue package will have on the country’s economic policy-making
Britain’s financial system faces possibility of further instability, with health of insurers and hedge funds among current areas of concern, Bank of England warns
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