History was made yet again last night as the Dow staged its biggest ever points rally.
The move by the government to guarantee deposits and wholesale bank funding was necessary given similar global moves.
Given the likelihood of a deeper and longer slowdown in global growth Standard Chartered has revised down its growth forecasts for both Australia and New Zealand.
Brokers found the Bank of Queensland result very solid under the circumstances. But the circumstances have changed.
Last night six central banks made a coordinated rate cut, including the Fed, BoE and ECB. Initial enthusiasm was lost, with the Dow closing down 190 points.
A trading update from JB Hi-Fi shows the company continues to meet expectations for the early part of FY09.
The British prime minister has ordered part nationalisation of the UK banking system.
The Dow fell another 500 points last night as the selling wave continued.
Don’t expect this to happen again, says the RBA, as it blows economists out of the water with a full one percent rate cut.
The RBA has decided to cut the overnight cash rate by 100 points to 6.00%.