BOJ keeps rates unchanged, but downgrades economic outlook |
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US Equities decline (Dow/S&P -1.5%) led by financials on growing concerns about Freddie Mac and Fannie Mae, Asian stocks fall too. Australian Central Bank says it may soon cut rates to avoid a deeper and more persistent slowdown. Crude oil falls as tropical storm Fay may miss oil fields in the Gulf of Mexico. Nationwide, UK’s biggest building society, plans to operate in Ireland, giving it access to ECB funding. German PPI (8.9% Y/Y) accelerates to the fastest pace since October 1981.
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