SNB Cuts Rates by 1%
The Swiss National Bank (SNB) unexpectedly cut interest rates by a record 100 basis points reducing its target for three-month LIBOR to 1 percent. More
US New Unemployment Claims Soar
The US Labor Department released new claims for unemployment benefits data for last week. After being adjusted for seasonal employment, the data shows that 515,000 new claims were received representing a 16-year high. More
Dow Jones Falls Below 8,000
The Dow Jones Index fell to its lowest level in five years closing at 7,997.28. More
Japan’s Exports Fall by 7.7%
Japan’s exports fell 7.7 percent for the month of October – the largest single-month decline in seven years. More
Employment Prospects in China Described as “Grim”
The Chinese government is warning that unemployment will rise in the new year as a lack of orders if forcing manufacturing plants to close. More
Oil Falls Below $50
With the likelihood of a global recession growing with each day, investors continued to retreat from oil, with Brent crude trading in London falling to $48.54 a barrel. More
