By Mandisi Tyulu
07 October 2008
World stocks plunged to three-year lows today amid concerns by investors that governments’ efforts to contain the credit crisis might not be enough to prevent a recession.
Worried investors transferred their funds to gold, government bonds and the low-yielding yen. Reuters reports that the worst financial crisis in 80 years spread in Europe, where more governments were forced to guarantee that private bank deposits were safe, after a growing number of bank failures.
Panic selling of shares in Russia prompted two stock exchanges to halt trading while some banking shares in Iceland and Italy were also suspended. The rand punged to 8-Rand-89-to the dollar. Good news is that the prospect of an economic slowdown lowering the demand for oil, saw oil prices fall further, dipping to well under 90 dollars a barrel.
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