In Europe, markets dropped at the open with the FTSE losing 11\%. They have recovered only sightly with all European markets losing more than 5\%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of a expected decrease in oil consumption. The U.S. markets opened lower with the Dow Jones Industrial Average reaching below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being "driven by uncertainty and fear."
In Europe, markets dropped at the open with the FTSE losing 11\%. They have recovered only sightly with all European markets losing more than 5\%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption. The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being "driven by uncertainty and fear."
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