Indian markets slumped post sun-outage break as European Central Bank president Jean-Claude Trichet signaled a rate cut amidst rising signs of global slowdown. Players were of the view that the US bailout package may not avert the overall economic slowdown.
ECB president Jean-Claude Trichet is set to cut interest rates for the first time in five years, faced with the threat of a recession and following five bank bailouts this week.
The ECB chief and political leaders from the continent's four largest economies are set to hold an emergency summit today. The move shows ECB has lost complete confidence about the economic outlook.
Friday, October 3, 2008
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